Question

Demonetization had occurred in India in the years 1946 and 1978. On which date did the third demonetization occur?
1. 8^th November 2016
2. 8th November 2015
3. 18th November 2016
4. 28th November 2015

Answer 1

Correct Answer - Option 1 : 8^th November 2016

The correct answer is 8^th November 2016.

• On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.
• It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetized banknotes.
• The main objective of this demonetization is to curb black money.
• Demonetisation has been implemented twice -1946 and 1978 – in the past.
• The first currency ban: In 1946, the currency note of Rs 1,000 and Rs 10,000 were removed from circulation. 

• The motif on the new currency of India:
  • 10 Rupee note - Sun Temple
  • 20 Rupee note - Ellora Caves
  • 50 Rupee note - Hampi
  • 100 Rupee note - Rani ki vav
  • 200 Rupee note - Sanchi Stupa
  • 500 Rupee note - Red Fort
  • 2000 Rupee note -  Mangalyaan