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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Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.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: 3, Informative) by cubancigar11 on Thursday November 10 2016, @08:52AM

    by cubancigar11 (330) on Thursday November 10 2016, @08:52AM (#425040) Homepage Journal

    It is not about corruption, it is about stopping fake currencies that were coming in tons from Pakistan, and since most people don't actually deal in denominations of 500 and 1000, they were getting duped.

    Point in case, government has already introduced a note of denomination 2000. But anti-corruption is a popular platform in India and a very big election in state of Uttar Pradesh is coming.

    Off-topic: BBC has shit coverage of India and generally of all the countries British used to rule.

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  • (Score: 2) by rleigh on Thursday November 10 2016, @06:39PM

    by rleigh (4887) on Thursday November 10 2016, @06:39PM (#425232) Homepage

    It also seems to have happened in the UK. I haven't seen a £50 or £100 note in years. If you withdraw that much out of an ATM, it will give you the cash in £20/£10 notes. It varies depending upon the machine. Lots of retailers stopped taking them, presumably due to counterfeiting.