• Wednesday, May 25, 2022

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India pulls 500 and 1,000 rupee notes from circulation

A customer attempts to use an ATM to deposit a Rs 500 note after the announcement

By: Eastern Eye Staff

Indian prime minister Narendra Modi ordered the withdrawal of 500 and 1,000 rupee notes from circulation on Tuesday (November 8) in a shock announcement designed to tackle widespread corruption. Modi said that while people could exchange their old notes for new bills at banks or post offices, or deposit them in their accounts, they would no longer be legal tender from midnight. “To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight tonight (November 8),” Modi said in a…

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