Demonetisation is a radical monetary step in
which a currency unit's status as a legal tender is
declared invalid. This is usually done whenever
there is a change of national currency, replacing
the old unit with a new one. For Example- Rs 500
and Rs 1,000 notes have been cancelled as legal
tender, to be replaced by other notes and designs
The move to demonetize Rs 500 and Rs 1,000
currency tenders by the union government of
India on 8th November 2016, was a laudable
and historic effort to clean up the decades long
corruption and black money
