rupee notes: Key points New 500, 2000 rupee notes will be issued People get 50 days to change their notes Modi says militants use the fake notes Analysts call it a surgical strike on black money As of midnight on Tuesday local time the country two largest banknotes, were no longer considered legal tender Mr Modi made the snap announcement just hours before, according to Australian Broadcasting Corporation. The surprise step appears designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of Islamist militants who target India and are suspected of using fake 500 rupee 19.75 notes to fund operations. Reuters Danish Siddiqui Related Story India struggles to introduce tax reform amid political bickering Map India Indian Prime Minister Narendra Modi has announced that 500 and 1,000 rupee banknotes will be withdrawn from circulation as part of a crackdown on rampant corruption and counterfeit currency. Black money and corruption are the biggest obstacles in eradicating poverty, Mr Modi said in an address to the nation. People will have 50 days to exchange the old money for new at banks, but only by showing valid identification. New 500 and 2,000 rupee denomination notes will be issued at a later date, he added.
(news.financializer.com). As
reported in the news.
Tagged under rupee notes, notes modi topics.