Define Demonetisation with its features
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Yogita Ingle 5 years, 6 months ago
Demonetization is a process of stripping a currency unit of its status as a legal tender. In simple words, demonetized notes are no longer valid as legal currency.
Characteristics of demonetisation are:
(i) Change in currency It is the act of stripping or discontinuing a currency unit of its legal status by government.
(ii) Contingent Success or failure of demonetisation is dependent upon various factors.
(iii) Objective The objective of demonctisation can be curbing corruption, fake currency, illegal activity and making cashless economy.
(iv) Crunches Generally after demonetisation, people face cash crunches for a shorter period.
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