demonetisation
/diːˌmʌnɪtaɪˈzeɪʃən/
noun
- The act of officially stopping a particular currency or coin from being used as money.
- The government's demonetisation of the 500 and 1000 rupee notes caused long lines at banks.
- Historians study the demonetisation of silver coins in the 19th century.
- Many small businesses struggled after the sudden demonetisation of the old banknotes.
- The removal of the legal status of a currency unit, often to combat illegal activities or corruption.
- The central bank prepared for months before the demonetisation announcement.
- Critics argued that demonetisation hurt the poor more than it helped the economy.
- Demonetisation was intended to reduce tax evasion and counterfeit money.