Question:medium
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: Jan 13, 2026
- ₹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.
Show Solution
The Correct Option is A
Solution and Explanation
During demonetization, ₹500 and ₹1000 notes were removed from circulation and ceased to be legal tender for any transaction. Option (A) is incorrect as property purchases were not exempted. Therefore, this statement is false, while other facts presented are correct.
Final Answer: (A) ₹500 and ₹1000 notes were demonetized, ceasing to be legal tender, with an exception for property purchases.
Final Answer: (A) ₹500 and ₹1000 notes were demonetized, ceasing to be legal tender, with an exception for property purchases.
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