Question
Download Solution PDFDemonetisation is also known by which of the following names?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Note Ban.
Key PointsNote Ban is the act of banning existing banknotes.
Demonetisation history in India:
- 1946: First demonetisation to curb black money and counterfeit notes.
- 1978: Demonetisation of high-value notes aimed at combating tax evasion and black money. Also known as "Morarji Desai Demonetisation" after the then-Prime Minister.
- 2016: Large-scale demonetisation of Rs. 500 and Rs. 1000 notes announced by Prime Minister Narendra Modi. Gained several names:
- "Note Ban": Most common and direct reference to the banning of specific notes.
- "Surgical Strike on Black Money": Term used by PM Modi to highlight its aim of tackling black money.
- "Modi Demonetisation": Referencing the initiative's association with the specific government.
- "Cashless Economy Drive": Reflecting the envisioned long-term goal of promoting cashless transactions.
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