Unleash Your Understanding of Demonetization in India
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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?

  • Section 27(1)
  • Section 27(2)
  • Section 26(1)
  • Section 26(2) (correct)

    • 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?

  • 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?

    <p>Whether the benefits outweigh the costs</p> Signup and view all the answers

    What is the legal basis for demonetization in India?

    <p>The Reserve Bank of India Act</p> Signup and view all the answers

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