2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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National Institute Of Design (NID)
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National Institute of Technology
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Indian Institute of Technology
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Anna University
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Detailed explanation-1: -On 8 November 2016, the Government of India announced the demonetisation 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 demonetised banknotes.
Detailed explanation-2: -Banknotes in India are currently being issued in the denomination of ₹10, ₹20, ₹50, ₹100 ₹200, ₹500, and ₹2000. These notes are called banknotes as they are issued by the Reserve Bank of India.
Detailed explanation-3: -For exchange up to Rs 4000 in cash you may go to any bank branch with valid identity proof. For exchange over Rs 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
Detailed explanation-4: -One of the earliest instances of demonetization was in the United States. Where, the Coinage Act of 1873 mandated removal of silver in favor of adopting the gold standard as the legal tender. This led to a contraction of the money supply and subsequently a 5-year economic depression in the country.