Demonetised definitions
| Word backwards | desitenomed |
|---|---|
| Part of speech | The part of speech of the word "demonetised" is a verb. |
| Syllabic division | de-mo-ne-tised |
| Plural | The plural of the word demonetised is demonetised. |
| Total letters | 11 |
| Vogais (3) | e,o,i |
| Consonants (5) | d,m,n,t,s |
Demonetised Currency in India
What is demonetisation?
Demonetisation is the act of stripping a currency unit of its status as legal tender. This process is usually undertaken by a government in an effort to combat issues such as corruption, counterfeiting, tax evasion, and illegal cash holdings.
The Demonetisation in India
India witnessed a significant demonetisation event on November 8, 2016, when the Indian government declared that all ₹500 and ₹1000 banknotes would no longer be accepted as legal tender. This move aimed to tackle black money in the economy and promote a 'less-cash' society.
Impact of Demonetisation
The demonetisation move in India had both positive and negative consequences. While it led to a temporary cash crunch and economic slowdown, it also propelled the digital payments industry forward, encouraging more cashless transactions and increased formalisation of the economy.
Exchange of Demonetised Currency
After the demonetisation announcement, Indian citizens were given a window of time to exchange their demonetised currency notes for new ones at banks and post offices. Stricter norms were applied to prevent the conversion of black money into white.
Lessons Learned
The demonetisation exercise in India provided valuable lessons on the importance of effective implementation, adequate preparation, and the need for complementary measures to mitigate the impact on the economy and citizens' lives.
Future Implications
While the demonetisation move in India was a bold step, its long-term implications are still being debated. It underscored the need for comprehensive reforms in areas such as taxation, digital infrastructure, and financial inclusion to build a stronger and more transparent economy.
Demonetised Examples
- The government demonetised certain currency notes to curb black market activities.
- After being demonetised, the old coins became valuable collector's items.
- The decision to demonetise the outdated technology led to a surge in new product sales.
- The company demonetised its loyalty points system in favor of a new rewards program.
- Due to a security breach, the online payment platform had to temporarily demonetise their services.
- The ancient temple demonetised its offerings of gold coins in favor of paper currency.
- The popular social media platform demonetised certain controversial content creators.
- To promote environmental sustainability, the city council demonetised the use of plastic bags.
- The museum curator decided to demonetise the entrance fee for a special exhibit.
- The decision to demonetise certain in-game items caused uproar among players.