UPSC Economics Business and Foreign Trade / व्यापार और विदेश व्यापार Question Bank Digital Economy and GST & Economic Survey - 2017

  • question_answer
          Which of the following best defines demonetization of currency notes?

    A) Devaluing the currency with respect to international currencies

    B) Declaring the currency notes as NOT legal tender

    C) Replacing the old and soiled currency notes

    D) Replacing notes with coins

    Correct Answer: B

    Solution :

    Declaring the currency notes as NOT legal tender. Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country.


You need to login to perform this action.
You will be redirected in 3 sec spinner