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Questions and Answers
Which act empowers the central government to declare banknotes as ceasing to be legal tender in India?
Which act empowers the central government to declare banknotes as ceasing to be legal tender in India?
- Demonetization Act, 2016
- Legal Tender Amendment Act, 2008
- Currency Withdrawal Act, 2014
- Reserve Bank of India Act, 1934 (correct)
What is demonetization?
What is demonetization?
- The act of printing new currency
- The act of withdrawing currency from circulation (correct)
- The act of introducing a new currency
- The act of replacing old currency with new notes or coins
What did the Supreme Court of India state about demonetization?
What did the Supreme Court of India state about demonetization?
- It satisfied the test of proportionality (correct)
- It was challenged in various courts
- It caused significant costs
- It was declared invalid
What is the test of proportionality in the context of demonetization?
What is the test of proportionality in the context of demonetization?
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What is the legal tender status of demonetized currency?
What is the legal tender status of demonetized currency?
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