Demonetization
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• When the government legally bans the old currency and announces the introduction of a new currency, it is called demonetization.
• The main reason for demonetization is to curb black money, corruption, fake notes and terrorist activity.
• Demonetization has happened three times in India so far (1946, 1978 and 2016) and twice in independent India (1978 and 2016).
• First of all, on January 12, 1946 (RBI Governor- C.D. Deshmukh), 500, 1000 and 10 thousand notes were banned during British rule, which were reintroduced in 1954.
• For the second time on 16 January 1978 (RBI Governor I.G. Patel) 1000, 5000 and 10 thousand rupee notes were banned by the Janata Party government of Morarji Desai.
• In the year 1987, 500 rupee note was again introduced and in the year 2000, 1000 rupee note was again introduced.
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• For the third time, on 8 November 2016, Prime Minister Narendra Modi demonetized 500 and 1000 rupee notes and the government issued new 500 and 2000 rupee notes in place of these.
• At the time of demonetization on 8 November 2016, the RBI governor was Urjit Patel.
• On 30 June 2011, 1 paisa, 2 paisa, 5 paisa, 10 paisa, 20 paisa, 25 paisa coins were discontinued.
• 'Demonetization will brighten the country's economy' is Narendra Modi's motto.
• 2000 rupee notes are printed at the Reserve Bank of India Note Printing Private Limited (BRBNMPL), Mysore (Karnataka).
• In 1944, the Reserve Bank used security thread and watermark for the first time in notes.
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• In the year 1949, the first note of independent India was printed in the denomination of Rs 1.
• The 10 thousand rupee note was first introduced in 1938 by the Reserve Bank of India.
• The first 2000 rupee note was issued in the year 2016.
• Under the Reserve Bank of India Act, 1934, RBI can only issue notes up to Rs 10000 and coins up to Rs 1000 denomination.
• Chhattisgarh is the first state in the country to accept the proposal on demonetization.
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• When the government legally bans the old currency and announces the introduction of a new currency, it is called demonetization.
• The main reason for demonetization is to curb black money, corruption, fake notes and terrorist activity.
• Demonetization has happened three times in India so far (1946, 1978 and 2016) and twice in independent India (1978 and 2016).
• First of all, on January 12, 1946 (RBI Governor- C.D. Deshmukh), 500, 1000 and 10 thousand notes were banned during British rule, which were reintroduced in 1954.
• For the second time on 16 January 1978 (RBI Governor I.G. Patel) 1000, 5000 and 10 thousand rupee notes were banned by the Janata Party government of Morarji Desai.
• In the year 1987, 500 rupee note was again introduced and in the year 2000, 1000 rupee note was again introduced.
Follow WhatsApp Channel – https://whatsapp.com/channel/0029VaCHyK20wajnUKBizz2S
• For the third time, on 8 November 2016, Prime Minister Narendra Modi demonetized 500 and 1000 rupee notes and the government issued new 500 and 2000 rupee notes in place of these.
• At the time of demonetization on 8 November 2016, the RBI governor was Urjit Patel.
• On 30 June 2011, 1 paisa, 2 paisa, 5 paisa, 10 paisa, 20 paisa, 25 paisa coins were discontinued.
• 'Demonetization will brighten the country's economy' is Narendra Modi's motto.
• 2000 rupee notes are printed at the Reserve Bank of India Note Printing Private Limited (BRBNMPL), Mysore (Karnataka).
• In 1944, the Reserve Bank used security thread and watermark for the first time in notes.
Follow WhatsApp Channel – https://whatsapp.com/channel/0029VaCHyK20wajnUKBizz2S
• In the year 1949, the first note of independent India was printed in the denomination of Rs 1.
• The 10 thousand rupee note was first introduced in 1938 by the Reserve Bank of India.
• The first 2000 rupee note was issued in the year 2016.
• Under the Reserve Bank of India Act, 1934, RBI can only issue notes up to Rs 10000 and coins up to Rs 1000 denomination.
• Chhattisgarh is the first state in the country to accept the proposal on demonetization.
+++
For Daily Current Affairs, G.K, Quiz, PDF Books & Notes-
---
Follow WhatsApp Channel – https://whatsapp.com/channel/0029VaCHyK20wajnUKBizz2S
----
JOIN Telegram Channel – https://tx.me/speedypatna
Or
Search 'speedypatna' on Telegram channel and JOIN the channel.
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To join WhatsApp Group, message 'JOIN' to 9508506807.
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Also share this with your friends