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Choose the correct statement from given below about demonetisation announced on 8th November, 2016.
- a)Government removed legal tender status of the existing currency notes.
- b)Central government made existing currency notes a limited legal tender.
- c)It reduced the purchasing power of existing currency notes
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
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Choose the correct statement from given below about demonetisation ann...
Demonetisation announced on 8th November, 2016 was a major step taken by the Indian government to curb black money, corruption, counterfeit currency and terrorism financing. The correct statement regarding demonetisation is:
All of the above
The following are the explanations for each option:
a)Government removed legal tender status of the existing currency notes - The government announced that the existing ₹500 and ₹1000 notes would no longer be considered as legal tender from 9th November, 2016. This means that these notes could not be used for transactions and were no longer considered as a valid medium of exchange.
b)Central government made existing currency notes a limited legal tender - After demonetisation, the government allowed people to deposit their old currency notes in banks till 30th December, 2016. They also allowed the use of old notes for certain transactions, such as paying utility bills, hospital bills, etc. However, there was a limit to the amount that could be used for such transactions.
c)It reduced the purchasing power of existing currency notes - Demonetisation led to a shortage of cash in the economy, which affected the purchasing power of people. People had to stand in long queues to withdraw money from banks, and many businesses suffered due to the lack of cash flow.
Therefore, the correct statement regarding demonetisation is 'All of the above'.
All of the above
The following are the explanations for each option:
a)Government removed legal tender status of the existing currency notes - The government announced that the existing ₹500 and ₹1000 notes would no longer be considered as legal tender from 9th November, 2016. This means that these notes could not be used for transactions and were no longer considered as a valid medium of exchange.
b)Central government made existing currency notes a limited legal tender - After demonetisation, the government allowed people to deposit their old currency notes in banks till 30th December, 2016. They also allowed the use of old notes for certain transactions, such as paying utility bills, hospital bills, etc. However, there was a limit to the amount that could be used for such transactions.
c)It reduced the purchasing power of existing currency notes - Demonetisation led to a shortage of cash in the economy, which affected the purchasing power of people. People had to stand in long queues to withdraw money from banks, and many businesses suffered due to the lack of cash flow.
Therefore, the correct statement regarding demonetisation is 'All of the above'.
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Choose the correct statement from given below about demonetisation ann...
Demonetisation is an action taken by the government in association with the Central Bank of the country.
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Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Choose the correct statement from given below about demonetisation announced on 8th November, 2016.a)Government removed legal tender status of the existing currency notes.b)Central government made existing currency notes a limited legal tender.c)It reduced the purchasing power of existing currency notesd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
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