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Understanding Demonetization in India by Shrawan Kumar Singh

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CHAPTER 7

History of Demonetization in India

Demonetization was perhaps the biggest step in the Indian economic history. As of now, demonetization of currency notes in India has taken place on three occasions: January 1946, January 1978, and November 2016. This chapter is devoted to the discussion on the demonetization of 1946 and 1978. The next chapter will analyze the recent demonetization of November 2016. The advent of the currency dates back to the Indus Valley Civilization. Kingdoms issued royal seals, that is, coins made of gold, silver, and copper, that kept changing with the rulers and the dynasties. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the ...

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