Unleash Your Understanding of Demonetization in India
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Questions and Answers

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?

  • 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?

  • 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?

    <p>The test of whether the benefits outweigh the costs</p> Signup and view all the answers

    What is the legal tender status of demonetized currency?

    <p>It is no longer valid for transactions</p> Signup and view all the answers

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