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Question
State any three features of ‘Demonetization’.
Short Answer
Solution
The features of demonetisation are:
- Change in currency: The government can strip or discontinue the legal status of a currency unit.
- Contingent: Various elements contribute to the success or failure of demonetisation.
- Objective: Demonetisation aims to combat corruption, false currency, criminal activity, and promote a cashless economy.
- Crunches: Following demonetisation, individuals may experience temporary shortages of money.
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