demonetization
/diːˌmʌnɪtaɪˈzeɪʃən/
noun
- The act of officially stopping a particular currency or coin from being used as money.
- The sudden demonetization caused confusion among citizens who held old cash.
- Economists debated the long-term effects of demonetization on the black market.
- The demonetization of the 500 and 1000 rupee notes was a major event in India.
- The removal of the legal status of a currency unit, often to combat illegal activities or corruption.
- Many people supported demonetization as a way to fight corruption.
- Demonetization was meant to flush out untaxed wealth.
- The success of demonetization depended on how quickly new notes were distributed.