In the year 2016, On which day Hon. Prime Minister did the announcem

1.	In the year 2016, On which day Hon. Prime Minister did the announcement of the decision to cancel Rs.500 / - notes?1. 8 November 2. 10 November 3. 12 November 4. 19 November
Answer» Correct Answer - Option 1 : 8 November The correct answer is 8 November. On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetized banknotes. Prime Minister Narendra Modi claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. According to a 2018 report from the Reserve Bank of India, approximately 99.3% of the demonetized banknotes, or ₹15.30 lakh crore (15.3 trillion) of the ₹15.41 lakh crore that had been demonetized. Rs 1,000 and higher denomination notes were first demonetized in January 1946 and again in 1978. The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954. But these notes were demonetized in January 1946. Demonetisation has been implemented thrice -1946, 1978, and 2016.

In the year 2016, On which day Hon. Prime Minister did the announcement of the decision to cancel Rs.500 / - notes?1. 8 November 2. 10 November 3. 12 November 4. 19 November

Answer» Correct Answer - Option 1 : 8 November

The correct answer is 8 November.

On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.
It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetized banknotes.
Prime Minister Narendra Modi claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.
According to a 2018 report from the Reserve Bank of India, approximately 99.3% of the demonetized banknotes, or ₹15.30 lakh crore (15.3 trillion) of the ₹15.41 lakh crore that had been demonetized.

Rs 1,000 and higher denomination notes were first demonetized in January 1946 and again in 1978.
The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954.
But these notes were demonetized in January 1946.
Demonetisation has been implemented thrice -1946, 1978, and 2016.