From this video you will learn What is Demonetization & Demonetization process, Benefitsof demonetization, Disadvantages of demonetization, Demonetization in india explained in english.
Demonetization:
Demonetization is an economic process in which a country’s currency unit is no longer used for the legal tender.
So what is legal tender?
Legal tender is anything which is recognised by law as a means to settle a public or private debt or meet a financial obligation that includes tax payments, contracts and legal fines or damages.
The national currency is legal tender in every country.
Demonetization process:
Firstly, the old currency is discontinued and taken away from the circulation to be replaced with the new forms of money. During the process people are given time to exchange then existing bank notes and coins for the new currency before it is officially discontinued. After a currency has been discontinued, it is no longer legal tender and has no monetary value
Benefits of demonetization:
- Increased savings
- Lower lending rate or interest rate
- Better economy
- Keeping check on the anti-social activities
- Reducing counterfeit currency notes
Disadvantages of demonetization:
- Incurs costs from printing new banknotes and minting new coins
- May not entirely reduce criminal activity
- May cause chaos among citizens
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