Question
Download Solution PDFWhich currency notes were demonetised by the government of India in 2016?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is ₹500 and ₹1,000
Key Points
- On 8 November 2016, the government of India announced the demonetization of all Rs. 500 and Rs. 1000 notes of the Mahatma Gandhi Series.
- This announcement also included the issuance of new Rs. 500 and Rs. 2000 banknotes in exchange for old notes.
- Due to the demonetization drive, there is a considerable increase in the number of Income Tax Returns (ITRs) filed.
- Objectives of Demonetisation:
- To discourage the use of high-denomination notes for illegal transactions and thus curb the widespread use of black money.
- To encourage the digitization of commercial transactions, formalize the economy and so, and boost government tax revenues.
- Operation Clean Money:
- It was launched by the Income Tax Department (CBDT) for the e-verification of large cash deposits made during the period from 9th November to 30th December 2016.
Important Points
History of Demonetization -
- In 1946, the currency notes of Rs 1,000 and Rs 10,000 were removed from circulation.
- In 1978, Prime Minister of India Morarji Desai announced the currency ban taking Rs 1000, Rs 5000 and Rs 10,000 out of circulation.
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