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posted by martyb on Thursday November 10 2016, @01:18AM   Printer-friendly
from the trade-'em-while-you-can dept.

All existing 500 and 1,000 Indian rupee banknotes will be unusable starting on November 11th, and worthless on New Year's Eve:

Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight. The surprise move is part of a crackdown on corruption and illegal cash holdings, he said in a nationwide address on television. "Black money and corruption are the biggest obstacles in eradicating poverty," he said.

New 500 and 2,000 rupee denomination notes will be issued to replace them. The move is designed to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities. It is seen as the boldest move by any Indian government to clampdown on tax evaders.

People will have until December 30th to exchange the notes at banks.


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  • (Score: -1, Flamebait) by Anonymous Coward on Thursday November 10 2016, @06:23AM

    by Anonymous Coward on Thursday November 10 2016, @06:23AM (#425010)

    Give me ten percent of all your resources, SanityCheck! What, you object? Don't worry - I'll just get my "little friend" to "persuade" you.

    He's from the IRS.

    (Does it really matter the name the gang has? Mafia, MS-13, US federal government? Also, only would that said criminals took just 10%.)

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  • (Score: 2) by bob_super on Thursday November 10 2016, @07:05PM

    by bob_super (1357) on Thursday November 10 2016, @07:05PM (#425243)

    I wouldn't be surprised to hear that the mafia is digging its own telco infrastructure, but I doubt that racketeering gangs fix potholes and bridges, or help build universities.
    Idiot.