Demonetization

廃貨 ／ demonetisation　—　Institutions

A measure to withdraw specific banknotes or coins from circulation. In 2016, India's 500 and 1,000 rupee notes were demonetized.

A measure to strip specific banknotes or coins of their legal tender status. In 2016, India's 500 and 1,000 rupee notes were suddenly demonetized, shaking the cash economy.

⚠ Currency is born by law and dies by law. The value of the paper in your hand ultimately depends on a single line in the official gazette.