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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Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.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.
(Score: 2) by cubancigar11 on Thursday November 10 2016, @08:01PM
You are in the cities. And I am pretty sure you in relatively big cities. I have the same experience as you in Bangalore, but most of India is still rural or semi-urban. Old cities such as Varanasi, which aren't economically important anymore have the same story to tell.
Also, the announcement was made at 8:00PM that 4 hours later all your cash in 500 and 1000 denomination will be garbage, exclusively to make everyone "slow".