When was 500 and 1000 notes banned in India?

(A) 8 October 2016
(B) 18 October 2017
(C) 8 November 2016
(D) 18 November 2017

Correct Answer : 8 November 2016
Explanation : 500 and 1000 notes in India were banned from November 8, 2016. The Demonerisation stated that 500 and 1000 notes are no longer a legal tender. The move was taken by the government to strike down against the black money hoarders in the country and funding source of the Terrorism in the country including Naxalites. Some more positive impacts like removal of counterfeit or fake currency from the economic system were the achievement of demonetisation The newly introduced notes were contain very high security features and are almost impossible to replicate. Government's demonetisation move curtailed the flow of black money into the real estate sector. This eventually helped in making the much needed correction in the sector. The demonetisation move in fact pushed for Digital payment for any transaction. The digital push of the government also resulted in higher indirect tax revenue for the government in the form of Service Tax.
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