Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which section of the Reserve Bank of India Act empowers the central government to declare banknotes as ceasing to be legal tender?
Which section of the Reserve Bank of India Act empowers the central government to declare banknotes as ceasing to be legal tender?
- Section 27(1)
- Section 27(2)
- Section 26(1)
- Section 26(2) (correct)
What is the definition of demonetization?
What is the definition of demonetization?
- The act of withdrawing currency from circulation
- The act of retiring old currency
- The act of making a currency unit illegal (correct)
- The act of replacing old currency with new currency
What did the Supreme Court of India state about the legality of demonetization?
What did the Supreme Court of India state about the legality of demonetization?
- It was declared invalid
- It was deemed unconstitutional
- It was upheld as valid (correct)
- It was referred back to the lower courts
What is the test of proportionality in the context of demonetization?
What is the test of proportionality in the context of demonetization?
Signup and view all the answers
What is the legal basis for demonetization in India?
What is the legal basis for demonetization in India?
Signup and view all the answers
Flashcards are hidden until you start studying
