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History of Demonetization

History of Demonetization - Indiansite

Demonetization is the process of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.

India – Dated back in 1946, ₹1000 and ₹10000 notes were demonized to put a check on unaccounted money. Again, in 1978, ₹1000,5000,10000 notes were demonetized by the government to flush out black money from the economy.

Recently, the demonetization move by PM Modi of removing the 500 and 1000 rupees notes on 8th November, 2016 shook the economy and created upheaval among the masses.

Australia – In the year 1996, Australia decided to replace it’s paper notes with polymer bank notes. These are also claimed to be the world’s first long-lasting bank notes. The polymer base of the mentioned notes made them counterfeit-resistant.

Pakistan – Pakistan had earlier demonetized it’s 5 and 500 denomination notes. This change was undertaken in the year

Switzerland – The Swiss National Bank, in order to fight counterfeiting, printed a series of Swiss Franc 10 notes. However, these notes weren’t issued and still remains in the reserve.

European Union – The country had created history by changing single currency (Euro) over the period of 1998-2000. This is the largest demonetization move in the history of the world.

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