Who introduced demonetisation in India?
Introduction. On November 8, 2016, India’s prime minister, Narendra Modi, made a surprise evening television appearance to announce that, starting at midnight, the nation’s 500-rupee and 1,000-rupee (i.e., ₹500 and ₹1,000) currency notes would no longer be legal tender.
Why was demonetization started?
It was done to reduce the presence of counterfeit cash to fund criminal activity. When the demonetization was announced, there were shortages of cash across the country, as people scrambled to exchange their existing banknotes.
Who is current RBI governor?
What is the date of Notebandi?
Three years back, on November 8, 2016, Modi, in a televised address had announced that Rs 500 and Rs 1,000 currency notes — 86 per cent of all currency notes in circulation in value — would cease to be legal tender.
What is the meaning demonetisation?
Demonetization is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change in national currency. The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins.
Who mints the coins in India?
The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP).