Question:
Choose the incorrect statement with respect to demonetization:
Choose the incorrect statement with respect to demonetization:
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Demonetization rendered high denomination notes invalid for all transactions — without exemptions.
Updated On: Jun 22, 2025
- ₹500 and ₹1000 notes were demonetized, ceasing to be legal tender except for buying properties.
- It aimed to curb corruption and black money.
- It helped channel savings into the formal financial system.
- Restrictions were placed on convertibility of domestic money and bank deposits.
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The Correct Option is A
Solution and Explanation
During demonetization, ₹500 and ₹1000 notes were completely withdrawn from circulation and were no longer legal tender for any transaction. Option (A) is incorrect because no exemption was made for property purchases. Thus, this is the false statement among otherwise correct facts.
Final Answer: (A) ₹500 and ₹1000 notes were demonetized, ceasing to be legal tender except for buying properties.
Final Answer: (A) ₹500 and ₹1000 notes were demonetized, ceasing to be legal tender except for buying properties.
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