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Questions relating to the government or politics of the Republic of India.
7
votes
What process did Indian Government use to remove high value currency notes out of circulation?
Under the Reserve Bank of
India Act, 1934 (2 of 1934) sub-section(2) Central Government has a powers to take back the legal status of a particular currency. … This is what above section says:
(2) On recommendation of the Central Board the 6[Central Government] may,
by notification in the Gazette of India, declare that, with effect from such date
as may …