New Delhi: On November 8 this year, more than a billion Indians were surprised to know about Prime Minister Narendra Modi’s demonetization masterstroke. The decision is now being praised by the top-notch personalities from all walks of life.
Demonetisation of 500 and 1000 rupee notes has been implemented to curb the menace of Black Money in India and, also, keep a check on the funding to the terrorists.
But, did you guys know that India is not the first country to undertake this measure. Yes, you read that right. A lot of other nations earlier implemented this technique for various reasons. Even India is not doing it for the first time.
According to an Indiatimes report, these countries also tried currency reforms in the past:
Ghana: 50 cedi currency note was demonetised by Ghana in 1982 in order to keep a check on the money flow.
Nigeria: In 1984, new currency notes were circulated in the country as a part of the anti-corruption exercise.
Myanmar: Eighty percent of the country’s currency was removed from the legal tender in 1987. This was done to break the backbone of the black markets.
Soviet Union: In 1991, huge ruble notes were taken back from the circulation in order to make the currency more valuable in the markets.
Australia: The nation replaced old currency with polymer (plastic) notes in order to eliminate fake notes.