The word "demonetise" is spelled with six syllables and can be transcribed as /diːˈmɒn.ɪ.taɪz/. The first syllable "di" is pronounced with a long "i" sound, followed by the stressed syllable "mon" with a short "o" sound. The second-to-last syllable "ta" is pronounced with a long "a" sound, and the final syllable "ise" is pronounced with a long "i" sound and a soft "z" sound at the end. This spelling accurately represents the pronunciation of the word, which means to remove the status of legal tender from currency.
Demonetise is a verb derived from the root word "money" and is primarily used in the context of monetary systems and economies. The term refers to the act of removing or invalidating the legal tender status of a particular currency or monetary unit. When a government or monetary authority opts to demonetise a currency, it typically means that the specific notes or coins can no longer be used as a medium of exchange for goods and services, or as a legally recognized form of payment.
The process of demonetisation often involves the announcement and subsequent withdrawal of the affected currency from circulation, rendering it useless for transactions. Governments may demonetise currencies for various reasons including combating counterfeiting, discouraging illegal activities, addressing issues of inflation or black money, promoting the adoption of a new currency, or implementing new monetary policies.
Typically, a demonetisation exercise requires individuals and businesses to exchange their old currency for new legal tender within a specific timeframe, usually at designated banks or financial institutions. There may also be restrictions on the amount that can be exchanged or specific requirements for documentation. The demonetisation process can have significant impacts on a country's economy and financial system, as it affects the flow of money, the value of holdings, and consumer spending patterns.
The word "demonetise" is derived from the combination of two words: "de" and "monetise".
The prefix "de" in Latin means "remove" or "undo", and in this case, it signifies the act of taking away or reversing the process of something.
The word "monetise" comes from the Latin word "moneta", which means "money". "Monetise" originally referred to the process of converting something into coinage or legal tender. Over time, the term evolved to more broadly refer to the action of giving monetary value to something or making it into money.
When the prefix "de" is added to "monetise" to form "demonetise", it conveys the idea of "undoing" or "taking away" the status of something as money.