India scraps Rs 500, Rs 1,000 notes overnight to tackle corruption, terrorism funding

Https%3a%2f%2fblueprint-api-production.s3.amazonaws.com%2fuploads%2fcard%2fimage%2f277712%2fh_53109817

Feed-twFeed-fb

India discontinued its biggest denomination currency notes overnight in what is being seen as its biggest attempt to curb black money flow, corruption, counterfeiting and terrorism financing.

In a surprise announcement last evening, Indian Prime Minister Narendra Modi said that currency notes of Rs 500 and Rs 1,000 denominations will carry no value starting Wednesday. The government said it will shortly introduce new Rs 500 and Rs 2,000 notes.

“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper,” Modi said in a televised address to the nation. Read more…

More about Money, Currency, India, and World
Source: Mashable

About the Author

kellhub
Kelly is a shy and lifestyle blogger addicted to new things, a die hard ManUtd fan, loves music and a good dancer but also a terrible singer .......winks.........

Be the first to comment on "India scraps Rs 500, Rs 1,000 notes overnight to tackle corruption, terrorism funding"

Leave a comment

Your email address will not be published.


*