In which year did the Government of India announce the demonetization of Rs. 500 and Rs. 1000 currency notes?
- 2014
- 2015
- 2016
- 2017
Answer: 2016
Demonetization was announced on November 8, 2016, with the stated objectives of curbing black money, eliminating counterfeit currency, and pushing the economy towards digital payments. It resulted in 86% of the currency in circulation being temporarily withdrawn from the system.