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On which date did the Modi government announce demonetization?
1. October 31, 2016
2. November 15, 2016
3. November 8, 2016
4. November 9, 2016

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Correct Answer - Option 3 : November 8, 2016

The correct answer is November 8, 2016.

  • On November 8, 2016, the decision of Demonetization was taken by the Government of India.
  • Demonetization means is the act of stripping a currency unit of its status as legal tender.
    • It occurs whenever there is a change of national currency.
  • In the current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins.
  • On 8th November 2016 Government of India announced the demonetization of all 500 and 1000 banknotes

   History of Demonetization in India

Year  Details
1946 In 1946 all 1000 and 10000 currency notes were removed from circulation.
1978 In 1978, 1000, 5000, and 10000 currency notes were removed from circulation by the Morarji Desai Government.
2016

In 2016, the 500 and 1000 currency notes were removed from circulation by the Narendra Modi Government.

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