Most Indian currency been demonetised in past also. If yes, give instances of Demonetisation of Indian currency.
Most Indian currency been demonetised in past also. If yes, give instances of Demonetisation of Indian currency.
1 Answers
Yes, India has a history to pull select denominations of its currency from being circulated in the past also. At those three times, most Indian currency had been demonetised. Those three instances of Demonetisation of Indian currency were:
(i) On 12 Jan, 1946: All the notes of denominations of Rs.500 and Rs.1000 were demonetised. At that time, the time-limit of 10 days was given to exchange the demonetised notes. This step was taken to catch tax evaders.
(ii) On 16 Jan, 1978: All the notes of denominations of Rs.1000, Rs.5000 and Rs.10000 were demonetised. The time-limit of 3 days was given to exchange the demonetised notes. This step was taken to catch corrupt leaders and officials of the preceding governments.
(iii) On 08 Nov, 2016: All the notes of denominations of Rs.500 and Rs.1000 were demonetised. This time, the time limit of 50 days was given to exchange demonetised notes from banks and some essential service stores like hospitals and petrol pumps and so on.