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Questions about a system of money in general use in a particular country. Also consider the tag [money].

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There is a law available for this. 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 … the notification] So Modi has used above powers to remove legal status of high value currency notes. You can read more information from official notification by RBI and official notification from Ministry Of Finance also you can see the corresponding act in below link. …
answered Nov 10 '16 by Pradeep Simha