What was the primary objective of the demonetization announced on November 8, 2016?

To reduce corruption, black money, and fake currency.

Demonetization refers to the process of ___ and ___.

Taking back legal currency and ceasing it as legal tender.

True or False: The demonetization of ₹500 and ₹1,000 notes had no significant impact on small businesses.

False. The sudden shortage of cash caused severe economic disruptions, particularly affecting small businesses.

Fill in the blank: Black money refers to unaccounted funds held by individuals in India to ___ taxes.

Evade

What legal framework was used to justify the demonetization of high-value currency notes in India?

Section 26(2) of the Reserve Bank of India Act, 1934.

Riddle: I am a currency note that can no longer be used, my removal aimed to reduce crime, yet caused much ado. What am I?

₹500 and ₹1,000 notes.

What was one of the negative consequences of demonetization for rural areas?

Many rural areas lacked proper banking facilities, making it difficult for residents to manage their cash needs.

True or False: The Supreme Court of India unanimously upheld the government's action on demonetization without any dissenting opinions.

False. There were dissenting opinions highlighting the need for legislative backing.

What did the elimination of high currency notes aim to compel individuals to do with their black money?

Deposit it in banks to avoid losses and account for their funds.

Which article of the Constitution was argued to be violated due to restrictions imposed by demonetization?

Article 19(1)(g), which protects the right to practice any profession or carry on any occupation, trade, or business.