Demonetization

Tax Glossary Definition

Demonetization

Demonetization – Demonetization is the process by which a government officially removes the legal tender status of a currency unit, rendering it invalid for financial transactions. It is often undertaken to combat issues such as black money, counterfeit currency, or inflation, and to encourage a transition toward formal or digital payment systems.

Example: In 2016, the Government of India withdrew ₹500 and ₹1,000 notes from circulation to curb corruption and enhance transparency in financial activities.

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