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href="/definition/demand" title="Meaning of Demand in Economy">Demand</a><br><div class="synopsis"></div><a class="moreRead" href="/definition/demand" title="Read more about Demand in Economy">Read More</a></div></li><li class="flt"><a href="/definition/depreciation" title="NEXT DEFINITION"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/depreciation" title="Meaning of Depreciation in Economy">Depreciation</a><br><div class="synopsis">The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation.</div><a class="moreRead" href="/definition/depreciation" title="Read more about Depreciation in Economy">Read More</a></div></li><div class="clr"></div></ul></div><div class="clr"></div></div><h1 class="definitionTitle">What is 'Demonetization'</h1><br><div class="section1"><div class="Normal"><strong>Demonetization</strong><br>Demonetization is the process through which a nation's economic unit of exchange loses its legally enforceable validity.<br><br>Currencies that are terminated are no more legally considered exchanges and have no financial value.<br><br>Demonetization is a process by which countries opt to reintroduce defunct currencies as legal money.<br><br><strong>What is Demonetization?</strong><br>Based on the Demonetization definition, Demonetization is the process of eliminating the lawful acceptance status of a monetary unit. It arises whenever the official currency is changed. The existing kind or types of currency are withdrawn through circulation and supplanted with new currency. Occasionally, a nation can totally swap its old coinage with a newer one.<br><br><strong>Reasons behind Demonetization:</strong><br><ul><li>Whilst demonetization is exceptional, governments around the globe have used it because of several reasons.</li><li>If problems like hyperinflation happen in any country, then the government considers demonetization as a solution to take back control and minimise the adverse situation.</li><li>Some negative situations or actions like counterfeit currency, terror, and tax fraud can all be eliminated with demonetization.</li><li>Demonetization is also used to introduce a new monetary system in some circumstances.</li></ul><br><strong>What are the advantages and disadvantages of Demonetization?</strong><br><strong>Advantages:</strong> <br>Governments can benefit from currency demonetization in several different ways, from preventing and reducing criminal activity to currency regulation. Below are the advantages of demonetization.<br><ul><li>Control criminal activities </li><li>Forbids tax avoidance and other financial crimes </li><li>contributes to a paperless financial system</li></ul><br><strong>Disadvantages:</strong><br><ul><li>Some disadvantages of demonetization are stated below.</li><li>Expenses issuing new currency and coinage minting can be high</li><li>illegal activity will not be stopped entirely</li><li>May create disturbances among individuals</li></ul><br><strong>Why did the Government decide to Demonetize Its Currency?</strong><br>Demonetization is used to sustain a currency's worth or control inflation. Several other nations had already demonetised their currencies to support the market or establish monetary unions. Demonetization is used to improve a cash-based emerging economy as well as fight corruption and criminality.<br><br>Demonetization is a massive economic activity in which a country's currency's legal acceptance validity is removed.<br><br>If performed improperly, demonetization might bring pandemonium or a severe economic crisis. It is used to help strengthen the economy and combat inflation, promote business and marketplace participation, and help move unofficial financial involvement away from the illegal and underground markets.<br><br><strong>What is Demonetization in simple terms?</strong><br>As the demonetization definition says, Demonetization is the process of removing a monetary unit's statutory acceptance validity. It happens when the monetary system is changed. The present incarnation or types of currency is withdrawn through circulation and replaced by new banknotes or coinage.<br><br><strong>Demonetization is good or bad for the economy?</strong> <br>Both, if there is any nation's need to perform this action or to fight some situations like hyperinflations, stop criminal activities, etc. <br>Bad, if it does not perform correctly, then it can cause huge economic harm and will create a crisis.<br><br><strong>Demonetization's effect in India?</strong><br>As there is less liquidity and currency movement into the economy as a result of demonetization, inflation declines. The monetary supply will decline to some extent as black or illegal money flushes. In the absence of any Reserve Bank of India open demand operations, it will decrease inflation.<br><br><em>Disclaimer: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). 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ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.</em><br><br><br><meta content="cms.next" name="cmsei"></div></div><div class="clr"></div><div id="widgetSEO" class="widgetSEO"><div class="readMoreTopics seoWidget seoWidget_con clearfix"><div class="prel"><h2 class="head">Read More News on</h2><div class="nextprev-btn slider_embd"><div data-ga-onclick="Previous | href" class="prev-btn arw_blk disable flt"><span class="alft"></span></div><div class="ts-dots flt"><ul></ul></div><div data-ga-onclick="Next | href" class="next-btn arw_blk ryt flt"><span class="aryt"></span></div></div></div><div id="slides_SEO" class="overh slides clearfix"><ul><li><a href="/topic/demonetizationdemonetization" title="DEMONETIZATIONDEMONETIZATION">DEMONETIZATIONDEMONETIZATION</a><a href="/topic/any-reserve-bank-of-india" title="ANY RESERVE BANK OF INDIA">ANY RESERVE BANK OF INDIA</a><a href="/topic/demonetization?based" title="DEMONETIZATION?BASED">DEMONETIZATION?BASED</a></li></ul></div></div></div><div class="prevNextDefNames"><ul><li class="flt"><a href="/definition/demand" title="PREV DEFINITION"><div class="prevDef flt"><i class="prev"></i>PREV DEFINITION</div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/demand" title="Meaning of Demand in Economy">Demand</a><br><div class="synopsis"></div><a class="moreRead" href="/definition/demand" title="Read more about Demand in Economy">Read More</a></div></li><li class="flt"><a href="/definition/depreciation" title="NEXT DEFINITION"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/depreciation" title="Meaning of Depreciation in Economy">Depreciation</a><br><div class="synopsis">The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation.</div><a class="moreRead" href="/definition/depreciation" title="Read more about Depreciation in Economy">Read More</a></div></li><div class="clr"></div></ul></div><div class="related_definition"><div class="related_defHeader"><div class="head flt">Related Definitions</div><div class="FAQ_pagination fltr"><div class="flt" id="pre"><a href="javascript:void(0);"><i class="prev"></i></a></div><div class="fltr" id="post"><a href="javascript:void(0);"><i class="next"></i></a></div><div class="clr"></div></div><div class="clr"></div></div><ul><li><a class="bdbottom" title="Asset Turnover Ratio" href="/definition/asset-turnover-ratio">Asset Turnover Ratio<div class="synopsis"><p>Asset turnover ratio is an indicator of the efficiency with which a company is deploying its assets to produce the revenue. Thus, asset turnover ratio can be a determinant of a company’s performance. The higher the ratio, the better is the company’s performance. Asset turnover ratio can be different from company to company. Usually, it is calculated on an annual basis for a specific financial year</p></div></a><a class="bdbottom" title="Austerity" href="/definition/austerity">Austerity<div class="synopsis"><p> economic growth of country is determined by factors such as Capital structure, Human resources, Natural resources and revenue generation of businesses operating within the nation. A decline in the economic development can impact all the four factors of a government system. One of the main contributors of decline in the economic system is debts. A country borrows money from creditors, with the vie</p></div></a><a title="Bailout" href="/definition/bailout">Bailout<div class="synopsis"><p>Bailout is a general term for extending financial support to a company or a country facing a potential bankruptcy threat. It can take the form of loans, cash, bonds, or stock purchases. 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Description: Bank rates influence lending rates of commercial banks. Higher bank rate will translate to higher lending rates by the banks. In order to curb liquidity, the central bank can resort to raising the bank rate and vice versa. Also See: Base Rate, Call Money Rate </p></div></a><a class="bdbottom" title="Barter" href="/definition/barter">Barter<div class="synopsis"><p> the hard currency came into existence, the most common form of trade was bartering. Barter Systemdates back to the old time when there was no money. The only way to buy goods was to exchange them with personal belongings of similar value. For example- A farmer gives his cattle in exchange for some land, and so on. In simple words, any exchange of goods and services for other goods and services wi</p></div></a><a title="Base Rate" href="/definition/base-rate">Base Rate<div class="synopsis"><p>Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers. Description: Base rate is decided in order to enhance transparency in the credit market and ensure that banks pass on the lower cost of fund to their customers. Loan pricing will be done by adding base rate and a suitable spread depending on the credit risk premium. Als</p></div></a><a title="Basel Iii" href="/definition/basel-iii">Basel Iii<div class="synopsis"><p>The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed by a committee of elite central bankers, the accord provides the guidelines for prudent supervision of banks all over the world and sets the standard for such supervision. Description: Basel-III is third in the series of accords following Basel-I and Basel-II. It was released in December, 2010, in</p></div></a></li><li><a class="bdbottom" title="Brexit" href="/definition/brexit">Brexit<div class="synopsis"><p>It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years to refer to the possibility of Greece leaving the Eurozone. Brexit refers to the possibility of Britain withdrawing from the European Union (EU). The country will hold a referendum on its EU membership on June 23. Description: Why the Call for Referendum? When David Cameron became the prime mi</p></div></a><a class="bdbottom" title="Brics" href="/definition/brics">Brics<div class="synopsis"><p> the BRICS?BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS. Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050. 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