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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Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.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: 0) by Anonymous Coward on Thursday November 10 2016, @08:26PM

    by Anonymous Coward on Thursday November 10 2016, @08:26PM (#425280)

    Original poster here.
    Yes ... they're issuing new bills of equal and greater domination after this is over. However, they're still making cash in rupees a less certain thing. If they withdrew bills once, they might do it again. It gives one pause when thinking about keeping their currency. Did you notice the clause where if one turns in more than a certain amount, the banks will stark asking lots of questions? Turn in too much, be accused of being a criminal even if the money is legitimately aquired. Some people are distrustful of banks, and keep a substainal amount of cash.