Has any country other than india ever had demonetization of their currency notes_ – quora

PM MODIs Surprise Move of Demonetization Shock the world. Official currency of great britain Opposition Parties created huge turmoil in parliament .Even Our Ex Prime Minister Shri Manmohan Singh Break His Long Awaited Silence and Said It is a case of ” Organized Loot and Legalized Plunder.” He also gave a supporting statement it is a bold step and should be implemented in well managed manner. Best uk currency rates Act of Demonetization happened in other countries as well where public refuses to accept the decision resulting a big failure for government who implemented in their rule.

In the year 1991, Mikhail Gorbachev Government banned the currency note of Ruble 50 and 100 in Soviet Union to end black money in the country. What is great britain’s currency Government expected that it will decrease the market of black money and give a proper life to common people. Great britain currency coins But this decision of Gorbachev took a very wrong turn and people started doubting on government and because of this he also faced the problem of change of government.

• In 1996, Australia became the first country to have a full series of circulating polymer bank notes after replacing all paper-based notes, which the government systemically made non-tender for legal purposes. What currency does london england use To stop widespread counterfeiting, the Reserve Bank of Australia had released the world’s first long lasting and counterfeit-resistant polymer (plastic) banknotes.

• To deter counterfeiting, Switzerland has a reserve series of notes. Great britain currency euro A series of Swiss Franc 10 notes were printed by the Swiss National Bank in 1984. United kingdom of great britain and northern ireland currency But the notes were never issued and the notes are currently still in reserve.

• Due to chronic hyperinflation in Zimbabwe, the government was at one point printing a currency note with a face value of one hundred trillion dollars. Currency of great britain pound This obviously rendered lesser denominations obsolete, which were taken out of circulation quickly in 2010.

• In 1969, Richard Nixon, the then United States president, had, in one go, demonetised $10,000 and $1,000 bills. Currency used in great britain He kept only $100 as legal tender

• Pakistan has decided to phase out all currency notes with old designs with a notification dated 4th June 2015. What is currency of britain However, its citizens have nearly a year and half to exchange old notes. Britain currency rate in india The country had earlier demonetised 5 and 500 denomination notes. Currency rate of england pound And from 1st December 2016 it has been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1,000.

• Due to chronic inflation in Zimbabwe, the government started printing notes with a face value of 1 hundred trillion Zimbabwean Dollars’ worth just 40 cents.

• Due to black money existence in the nation, the country was losing its sheen built on Silicon Valley and the so-called even today existent American Dream. What currency does great britain use now In 1969, US President Richard Nixon announced all bills above $100 null and void.

• The government to the curb black money crisis and improve security features on the notes, they withdrew all paper-based notes and replaced them with long life polymer-based notes of the same denomination.

• Status: – Success. Currency in britain This improved the life of the bills and helped in making Australia a business friendly country, despite the initial costs incurred to manufacture polymer-based notes.

• The then dictator of North Korea Kim Jong-IL has decided to remove two zeroes from the currency denominations to curb black money menace and tightly control the economy.

• Status: – Miserably Failed. Currency in great britain and europe Due to bad harvest and high inflation, this move was highly criticized by the International Media, making the dictator to apologize in the public.

If we have a look on all the other demonetization drives, only the ones done by developed nations have been successful and African nations have suffered a lot because these countries are still a victim of neo-colonialism. Currency gbp graph We Indians must be happy with the fact that it is only our country that flourished to become an economic power after independence.

Currency demonetization is almost as old as the currency. Decimal currency in britain The biggest demonetization phenomenon of modern currency was introduction of Euro, when all EU nations demonetized their currency and started using Euro.

In modern world many countries including developed and developing countries have done it like US, Australia, USSR, India, Pakistan, multiple African nations like Nigeria and Ghana have done it.

Currency is a legal tender guaranteed by sovereign. Great britain pound currency IT demonstrates authority of a sovereign. Currency in england converter In olden days it was representative of the king and his authority as soverign. Currency of britain Higher the number of state accepting the currency of a king, higher was his stature among kings.

This hasn’t changed since then. Great britain currency denominations Today currency, apart from being the means of transaction represents the identity and independence of a country. What currency does england use Universal acceptance of dollar/ pound and euro as international currency shows the clout that these countries have on businesses worldwide.

So, every time, a king acquired a new state, or a new king inherited the throne, he resorted to demonetized the coins of previous kings. Great britain currency code It had small impacts as

In modern world, after the paper currency was introduced, the demonetization has been a routine phenomenon primarily to take currency, which is no longer in use, out of circulation like lower or exceptionally higher denomination currency. Great britain money currency 2nd most common reason for demonetization is counterfeit currency. Currency exchange great britain New currency which better demonstrates the spirit of sovereign nation usually keeps replacing the old currency.