Directions (Q. 1-10): Read the following passage carefully and answer the given questions.
On 8 November 2016, the government demonetised currency notes of two denominations: Rs.500 and Rs.1000. Together, currency notes of these denominations had accounted for more than 85 per cent of the total value of banknotes in circulation. Demonetisation caused a cashcrunch and forced the government to push for electronics payments and transfers. Though the main pitch of demonetisation was towards curbing financing of terrorism and eliminating black money, a major shift towards a cashless economy emerged as a necessity. In fact, in his 'Mann Ki Baat' address to the nation on 27 November 2016, Prime Minister declared, 'Our dream is that there should be a cashless society. This is correct that 100 per cent cashless society is never possible. But we can make a start with a less-cash society, and then cashless society will not be a far-off destination.'
On 8 November 2016, the government demonetised currency notes of two denominations: Rs.500 and Rs.1000. Together, currency notes of these denominations had accounted for more than 85 per cent of the total value of banknotes in circulation. Demonetisation caused a cashcrunch and forced the government to push for electronics payments and transfers. Though the main pitch of demonetisation was towards curbing financing of terrorism and eliminating black money, a major shift towards a cashless economy emerged as a necessity. In fact, in his 'Mann Ki Baat' address to the nation on 27 November 2016, Prime Minister declared, 'Our dream is that there should be a cashless society. This is correct that 100 per cent cashless society is never possible. But we can make a start with a less-cash society, and then cashless society will not be a far-off destination.'
