Meaning
Demonetisation is the formal act of withdrawing the legal tender status of a currency unit.Definition
It’s a government process declaring existing currency notes invalid, often replacing them. This aims to curb illicit financial activities.Key Objectives
Goals include combating black money, counterfeit currency, and funding illegal activities. It also promotes digital transactions, like UPI.Implementation
Citizens are typically given a limited period to exchange old notes for new ones at designated financial institutions.Author
