Demonetization is the act of Banning/ taking back of a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.
In Indian concern: In a financial historic move of the Indian PM, that announced to the demonization of Rs 500 & Rs 1000 notes starting Nov 9th @16, barring some exception.
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