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The lesson refers to the demonetisation of high-denomination banknotes carried out by the Government of India. From which date were the Rs. 500 and Rs. 1000 banknotes withdrawn?
Answer & Solution
Correct answer: D.
1. The lesson records the demonetisation of Rs. 500 and Rs. 1000 banknotes.
2. The withdrawal took effect from midnight of 8 November 2016.
3. A newly designed Rs. 500 banknote and a new Rs. 2000 banknote were introduced from 10 November 2016.
4. The other dates do not correspond to the demonetisation event.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
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