What are the features of demonetisation Class 12?
Table of Contents
- 1 What are the features of demonetisation Class 12?
- 2 What is the aim of demonetization explain briefly it’s any two features?
- 3 What are the advantages of demonetisation?
- 4 What do you understand by demonetization briefly outline the features of demonetization?
- 5 What is demonetisation and what are its advantages and disadvantages?
- 6 What are the merits and demerits of demonetization?
- 7 How many demonetization are there in India?
What are the features of demonetisation Class 12?
The following are the main features of Demonetisation:
- (i) Elimination of Black Money: Black money is a household name in India.
- (ii) Eradication of Corruption: High-value currency notes are the commonly accepted medium or bribe.
What is the aim of demonetization explain briefly it’s any two features?
(iii) Objective The objective of demonctisation can be curbing corruption, fake currency, illegal activity and making cashless economy. (iv) Crunches Generally after demonetisation, people face cash crunches for a shorter period.
What is the aim of demonetisation ‘? Explain its three features?
Objectives of Demonetisation in India To control circulation of fake currency. To restrict and reduce the supply of money, used for anti-social activities. To run cashless economy in the country. To reduce or eliminate tax evasion .
What are the advantages of demonetisation?
A Comparison Table for Advantages and Disadvantages of Demonetisation
| Advantages | Disadvantages |
|---|---|
| Demonetisation can result in a decrease in tax evasion by individuals and ensure the implementation of practical public measures. | Every ATM in the country needs to be remodified to allow the exchange of currency. |
What do you understand by demonetization briefly outline the features of demonetization?
In simple words, demonetisation is the process by which the demonetised notes cease to be accepted as legal currency for any kind of transaction. After demonetisation is done, the old currency is replaced by a new currency, which may be of the same denomination or may be of a higher denomination.
What is the main objective of demonetisation?
There were three main economic objectives of demonetisation—fighting black money, fake notes and creating a cashless economy by pushing digital transactions.
What is demonetisation and what are its advantages and disadvantages?
A major advantage of demonetisation is that it helped the government track black money. Large sums of black money was kept hidden by tax evaders. Demonetisation helped government uncover huge amount of unaccounted cash. Demonetisation is acting as an effective countermeasure against such activities.
What are the merits and demerits of demonetization?
The government can get income tax return for the income on which tax has not been paid. The move will stop funding to the unlawful activities that are thriving due to unaccounted cash flow. Banning high-value currency will rein in criminal activities like terrorism etc.
When was demonetisation implemented and what are the features of the same?
The latest demonetisation was announced on 8th of November, 2016 by the Prime Minister Narendra Modi. During this demonetisation the notes that were taken out of circulation were the denominations of 500 and 1000. PM Modi also introduced new currency of denominations 500 and 2000 after demonetisation.
How many demonetization are there in India?
The Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via “black money” held outside the formal economic system.