rupee: The move is an effort to close down the booming economy of untaxed cash transactions, which allows corruption, the funding of terrorist groups, and keeps counterfeit notes in circulation, according to The Guardian. Addressing the nation, Modi said: The exchange of 500 and 1,000 rupee notes being tendered as currency will be stopped from today. In a surprise televised address on Tuesday night, Modi said the demonetisation of India highest-value banknotes, worth about £6 and £12, would start from midnight. Black marketeers and traitors who use black money will not be able to move large amounts of money and 500 and 1,000 rupee notes will become worthless pieces of paper. Modi emphasised that citizens who had 500 and 1,000 rupee notes need not panic, as cash could be deposited at banks or post offices until the end of 2016. Those citizens earning honestly and with hard work, their interests will be protected.
(news.financializer.com). As
reported in the news.
Tagged under rupee, funding topics.