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It's the act of using away the authorized standing of the forex. The present currency is pulled from circulation and retired, to be replaced with new notes or coins.
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On 8th November 2016, the GOI announce that each one the 500 and one thousand banknotes would be demonetised. It in essence took away the legal standing of these bank notes. They turned nothing but a bit of paper, the people ended up asked to exchange People Together with the new authorized tender issued by GOI.
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