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The discontinuity of a particular currency from circulation and a replacement of it with a new currency is called Demonetization. In the present setting, it is the restricting of the 500 and 1000 section money notes as a lawful delicate. In other words, it can also be said that Demonetization is an act of stripping a currency unit of its status as legal tender. It occurs when a particular form of money is pulled out from circulation and a new note or coin is introduced in the market as a replacement of withdrawn form of money. The government has different objectives behind this demonetization. The first and foremost objective is to attempt to make India a corruption free country. In his different speech on demonetization Indian Prime Minister clearly, points out that this bold step has been taken to get a control over corruption in the country. Secondly, it is done to curb black money, thirdly it is also a step to control escalating price rise, fourth to stop fund flow to illegal activity. On the other hand demonetization in India is also a very well planned step of government of India to earn proper tax from the citizen. With the help of a different article on demonetization or essay on demonetization in different media, economist and responsible citizens tried to make the common people aware of the benefit of this steps taken by the government.
In a demonetization essay, it is also necessary to put some light in the background of this process. There is a background to the current decision of demonetization of 500 and 1000 rupees note in India. The government has declared demonetization across the country on 8th November 2016. But much before the announcement of demonetization, the government has taken few steps in this direction.