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India scraps high currency notes to fight corruption

Posted on 09 November 2016

India’s highest-denomination currency notes are being withdrawn immediately from circulation, the country’s prime minister said Tuesday night, a surprise announcement designed to fight corruption and target people who have stashed away immense amounts of cash.
As of midnight Tuesday, 500- and 1,000-rupee notes, worth about $7.50 and $15, will have no cash value, Prime Minister Narendra Modi said in a televised address. “A few people are spreading corruption for their own benefit,” he said in the speech. “There is a time when you realize that you have to bring some change in society, and this is our time.”……………………………………Full Article: Source


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