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It's the act of having absent the legal position of the currency. The existing currency is pulled from circulation and retired, to get replaced with new notes or cash.
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On 8th November 2016, the GOI announce that every one the 500 and a thousand banknotes would be demonetised. It in essence took away the lawful standing of those bank notes. They turned nothing but a piece of paper, the people ended up questioned to Trade People Together with the new legal tender issued by GOI.
Demonetisation Get the facts experienced an excellent intention at the rear of it but every citizen perceived it in their own individual way based upon their circumstance at that time.
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