History of demonetization in Indian



HISTORY IF DEMONETIZATION IN INDIA 





The Indian rupee (INR) is the official currency of the Republic of India. The rupee is subdivided into 100 Paisa (singular Paisa) , though as of 2011 only 50 Paisa coins are tender. The issuance of the currency is controlled by the India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire.


In 2010, a new symbol ' , was officially adopted. It was derived from the combination of the Devanagari consonant " (ra)" (Hindi -R ) and the Latin capital letter "R" without its vertical bar ( similar to the R rotunda). The parallel lines at the top  (with white space between them) are said to make an allusion to the tricolour Indian flag, [ 6] and also depict an equality sign that symbolizes the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011.



In a major step to check understand black money, the Government of India on the 8 November 2016 announced demonetization of Rs 500 and Rs 1000 banknoted with effect from the same day's midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency ( used to finance terrorism) and corruption. A new redesigned series of Rs500 banknote, in addition to a new denomination of Rs 2000 banknote is in circulation since 10 November 2016. The new redesigned series is also expected to be introduced to the banknote denominations of Rs 1000 ,Rs 100 and Rs50 in the coming months.


A look into the past will make you realise that India is no new to demonetization. Demonetization has been implemented twice - 1946 and 1978- in the past.







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