100 Words Essay on Demonetization in English

Demonetization is the act of removing a currency unit from its status of a Legal Tender. to stop black money, tax evasion, funding terrorism, and fake money. This step was encouraged by the RBI and Supreme Court. Towards this very effect, there were a lot of supporters as well as people who were against this very system. It can be said that through this system, the country’s economy improved to a whole new level. A clear example that can be seen on demonetization is in the country India. On 8 November 2016, the Government of India announced the demonetization of all ?500 and ?1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ?500 and ?2,000 banknotes