• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

ImportantIndia.com

Indian History, Festivals, Essays, Paragraphs, Speeches.

  • Home
  • About
  • History
  • Important India
  • Categories
  • TOU
  • Contact Us

How demonetization help in solving the problem of fake currency?

Category: Economy of India On February 18, 2017 By Various Contributors

Business owners in India have faced a problem with the detection of fake currencies. Another problem is that the holders of fake currencies could be genuine people who innocently hold such money.

2014-15 saw India record a rise in the use of fake currencies. Counterfeit money in India is mainly used to fund several illegal activities such as terrorism.

The process of demonetization is an attempt at solving the problem of fake currency.

It should be noted that the demonetization process is a banking process. In other words, people would be forced to use the banks to deposit the old notes. This is a strategic way of getting rid of fake money as the transactions take place in the bank which have machines of detecting fake currency.

Conclusion: Post demonetization in November 16, the Indian government will monitor the release of the new currencies and make sure that only the legal currencies are in circulation. Overall, demonetization is aimed at playing a critical role in getting rid of fake currency.

Laura Kennedy.

Edited.

Related

Category: Economy of India

Primary Sidebar

Search ImportantIndia.com

Advertisements

Select Categories

  • Essays and Paragraphs
  • Speeches
  • History
  • Festivals
  • Environment
  • Kids
  • Economy
  • Proverbs, Sayings, Idioms and Phrases

Tags

  • Indian Festivals
  • Science and Technology
  • Renewable Energy
  • Pollution
  • Global Warming
  • Freedom Fighters of India
  • Water
  • Tourism
  • Short Moral Stories for Children
  • Family System
  • Education
  • Ecosystem
  • Communication
  • Agriculture in India

Footer

  • Categories
  • History of India
    • History of Mughal Empire
    • Modern History of India
  • Important India
  • Indian Geography
  • Blog
  • About Us
  • Report an Article
  • Sitemap
  • Contact Us
  • Terms of Use, Privacy Policy, Cookie Policy, and Copyrights.

Copyright 2013-2019 · Discover the Importance of India