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Deprive(a coin or precious metal) of its status as money.
To divest (a monetary standard or the like) of value. eg: a coin
demonetize is the act of stripping a currency unit of its legal using tender it is a necessary whwnever there is a change of national currency.the old unit of currency must be retaired and replaced unit.
Demonetizing is the process of deciding officially that a particular coin or banknote can no longer be used as currency.
eg-
10,000 rupees is the highest denomination RBI has printed in its history. It was in circulation between 1938 and 1946, but were eventually demonetized.
It means to officially stop using particular notes or coins, or a particular currency.
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