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 televised address to the nation.
“This means that these notes will not be acceptable for transaction from midnight onwards.”
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 notes to fund operations.
The government’s finance secretary said in a separate statement that there had been a disproportionate rise in the number of 500 and 1,000 rupee notes in circulation in the last five years.
The 500 and 1,000 notes, which are worth around £6 and £12 respectively at current exchange rates, are the largest bills in use in India.
Modi said that although the existing notes would be “worthless”, people would be able to exchange them for new bills at banks until December 30.
He said new 500 and 2,000 rupee denomination notes will be issued later by the Reserve Bank of India (RBI).
Hospitals and transport operators would continue to accept old 500 and 1,000 rupee notes for payment for the next 72 hours.
They would also be accepted at gas stations run by public sector oil companies, and at milk booths, crematoriums and burial grounds.
ATMs and banks would be closed on Wednesday and some ATMs would also be closed on Thursday.
While the use of debit and credit cards has increased in the last decade in India, many retailers still either insist on taking cash to evade tax or else ask for mark-ups to cushion the blow.
Finance secretary Shaktikant Das said the decision to pull the notes from circulation was “a very bold and powerful and a very decisive step to fight the menace of black money and the use of fake Indian currency notes”.
He revealed that the new 500 rupee note would bear the image of Delhi’s iconic Red Fort while the new pink 2,000 rupee note would have India’s Mars orbiter Mangalyaan on it.
Das also appealed to citizens not to allow themselves to be used by others to exchange illegal cash.
RBI chief Urjit Patel told reporters at a press conference in New Delhi that the central bank has been concerned with the growing menace of fake Indian currency notes which has been increasing in numbers.
Modi’s ruling Bharatiya Janata Party came into power in 2014 promising to bring billions of dollars of black market money into the regular financial system. Critics said it had failed to deliver on that promise.
Tuesday’s announcement comes just over a month after the government raised nearly $10 billion (£8bn) through a tax amnesty for Indians to declare hidden income and assets.
A report by Washington-based think-tank Global Financial Integrity estimated that India lost $344bn (£278bn) in illicit fund outflows between 2002 and 2011.
Modi also said militants operating against India were using fake versions of the 500 rupee note.
“Terrorism is a frightening thing ... But have you ever thought about how these terrorists get their money? Enemies from across the border have run their operations using fake currency notes. This has been going on for years,” Modi said.
Some officials and experts said Tuesday’s move was the biggest in decades aimed at fighting graft.
“It is like a surgical strike on black money,” said revenue secretary Hasmukh Adhia. (AFP, Reuters)
Since April 2024, British citizens and settled residents have needed to earn at least £29,000 to apply for a partner visa. (Representational image: iStock)
THE UK’s independent Migration Advisory Committee (MAC) has said the government could lower the minimum income requirement for family visas but warned that doing so would likely increase net migration by around 1 to 3 per cent.
Since April 2024, British citizens and settled residents have needed to earn at least £29,000 to apply for a partner visa.
The MAC has proposed a new threshold of between £23,000 and £25,000, which it said would still allow families to support themselves without needing to earn above minimum wage.
It also suggested that setting the threshold between £24,000 and £28,000 could prioritise economic wellbeing over family life.
The panel opposed the previously announced plan to raise the threshold to £38,700, calling it incompatible with human rights obligations, including Article 8 of the European Convention on Human Rights.
MAC chair Prof Brian Bell said the final decision was political but urged ministers to consider the impact of financial requirements on families.
The report recommended keeping the income threshold the same across all UK regions and not raising it for families with children.
Campaigners criticised the lack of a recommendation to scrap the threshold entirely.
The Home Office said it would consider the MAC’s findings and respond in due course.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Garavi Gujarat
Publications Ltd and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.
Forsyth’s reporting took him to politically volatile regions
Frederick Forsyth, the internationally renowned author of The Day of the Jackal, has passed away at the age of 86. His agent, Jonathan Lloyd, confirmed the news, describing Forsyth as one of the world’s greatest thriller writers.
With a career spanning more than five decades, Forsyth penned over 25 books, selling 75 million copies worldwide. His work, including The Odessa File and The Dogs of War, set the standard for espionage and political thrillers. Bill Scott-Kerr, his publisher, praised Forsyth’s influence, stating that his novels continue to define the genre and inspire modern writers.
From fighter pilot to novelist
Born in Kent in 1938, Forsyth lived a life as thrilling as his novels. He joined the Royal Air Force (RAF) at 18, becoming one of the youngest pilots in the service. However, his passion for writing led him into journalism, where he worked as a foreign correspondent for Reuters and the BBC.
Forsyth’s reporting took him to politically volatile regions, including Biafra during the Nigerian Civil War. His experiences there deeply affected him, shaping the narratives of many of his future works. In 2015, he revealed that he had worked with British intelligence agency MI6 for over 20 years, drawing on his real-life encounters with espionage for his novels.
The birth of The Day of the Jackal
Forsyth’s literary breakthrough came in 1971 when he published The Day of the Jackal. At the time, he was struggling financially and decided to write a novel as a way out of his difficulties.
“I was skint, in debt, no flat, no car, no nothing, and I just thought, ‘How do I get myself out of this hole?’” Forsyth later recalled. “And I came up with probably the zaniest solution – write a novel.”
Set in 1963, the book tells the gripping story of an English assassin hired to kill French President Charles de Gaulle. It quickly became a bestseller and was adapted into a film in 1973, starring Edward Fox. The novel’s impact continued decades later, with a TV adaptation starring Eddie Redmayne released in 2024.
An enduring literary legacy
Forsyth’s ability to blend real-world political intrigue with compelling fiction cemented his reputation. His follow-up novel, The Odessa File (1972), explored Nazi war criminals and was later adapted into a film starring Jon Voight.
Other major works include The Fourth Protocol (1984), which became a successful film starring Michael Caine and Pierce Brosnan, and The Dogs of War (1974), inspired by mercenary conflicts in Africa.
His latest novel, Revenge of Odessa, co-written with Tony Kent, is set to be published this August.
Tributes from colleagues and admirers
Following Forsyth’s death, tributes poured in from fellow authors, entertainers, and public figures.
Jonathan Lloyd reflected on Forsyth’s extraordinary life, recalling how they had recently watched a documentary on his career, In My Own Words, set to air later this year on BBC One.
Bill Scott-Kerr described working with Forsyth as one of the highlights of his career, praising his professionalism and meticulous approach to storytelling. Forsyth’s background in journalism, he noted, gave his novels a sharp sense of realism and ensured they remained contemporary and engaging.
Forsyth was awarded a CBE for services to literature in 1997Getty Images
Singer Elaine Paige, a personal friend, expressed her sadness, calling Forsyth’s knowledge of world affairs unparalleled. Andrew Lloyd Webber, who collaborated with Forsyth on Love Never Dies, the sequel to Phantom of the Opera, thanked him for his ability to craft stories that will endure for generations.
Conservative MP Sir David Davis, who considered Forsyth a close friend, described him as a man of honour, patriotism, and courage, as well as an outspoken defender of the armed forces.
Recognition and personal life
Forsyth was awarded a CBE for services to literature in 1997, honouring his immense contribution to British storytelling.
He was married twice and had two sons with his first wife, Carole Cunningham. His second wife, Sandy Molloy, passed away in October 2024, just months before his death.
Passing marks
Frederick Forsyth’s influence on thriller writing is undeniable. From his groundbreaking debut with The Day of the Jackal to his final works, he leaves behind a literary legacy that will continue to captivate readers for years to come. His ability to merge real-world intrigue with gripping narratives made his books essential reading for fans of espionage fiction.
Forsyth’s passing marks the end of an era, but his stories will live on, shaping the genre and inspiring new generations of thriller writers.
Keep ReadingShow less
The Canary Wharf business district including global financial institutions in London.
THE UK’s unemployment rate has increased to its highest level since July 2021, according to official data released on Tuesday, following the impact of a business tax rise and the introduction of US tariffs.
The Office for National Statistics (ONS) said the unemployment rate rose to 4.6 per cent in the three months to the end of April. This was up from 4.5 per cent in the first quarter of the year.
The figures reflect the early effects of a business tax increase announced in the Labour government’s first budget in October. April also marked the beginning of a baseline 10 per cent tariff on the UK and other countries introduced by US president Donald Trump.
“There continues to be weakening in the labour market, with the number of people on payroll falling notably,” said Liz McKeown, director of economic statistics at the ONS.
“Feedback from our vacancies survey suggests some firms may be holding back from recruiting new workers or replacing people when they move on,” she added.
The data also showed a slowdown in wage growth. Analysts said the overall picture could encourage the Bank of England to continue cutting interest rates into 2026. The trend pushed the pound lower but supported gains in London’s stock market during early trade on Tuesday.
“With payrolls falling, the unemployment rate climbing and wage growth easing, today’s labour market release leaves us more confident in our view that the Bank of England will cut interest rates further than investors expect, to 3.50 per cent next year,” said Ruth Gregory, deputy chief UK economist at Capital Economics.
The Bank of England last reduced interest rates in May, cutting them by 0.25 points to 4.25 per cent.
Keep ReadingShow less
Policemen are seen on a street close to a school where 10 people died in a school shooting, including the attacker.
TEN people were killed on Tuesday after a suspected shooter opened fire in a school in Graz, southeastern Austria, according to the city’s mayor.
Mayor Elke Kahr told Austrian press agency APA that the victims included several students, at least one adult, and the suspected shooter.
"Currently, a police operation is underway... The reason for the deployment was that gunshots were heard in the building," police said on X, confirming the incident.
Police and interior ministry officials were not immediately available for comment, AFP reported.
Police sources told APA that “the situation is very unclear at the moment.”
EU foreign policy chief Kaja Kallas said she was “deeply shocked” by the reports.
“Every child should feel safe at school and be able to learn free from fear and violence,” Kallas posted on X. “My thoughts are with the victims, their families and the Austrian people in this dark moment.”
Austria, with a population of nearly 9.2 million, rarely sees public attacks. It is listed among the ten safest countries globally, according to the Global Peace Index.
Though school shootings are less common in Europe compared to the United States, several such incidents have occurred in recent years.
In January 2025, an 18-year-old fatally stabbed a student and a teacher at a school in northeastern Slovakia.
In December 2024, a 19-year-old stabbed a seven-year-old student to death and injured others at a primary school in Zagreb, Croatia.
In December 2023, a student carried out an attack at a university in Prague, killing 14 and injuring 25.
Earlier that year, a 13-year-old shot and killed eight classmates and a security guard at an elementary school in Belgrade. Six children and a teacher were also injured. The shooter later contacted the police and was arrested.
In 2009, a former pupil killed nine students, three teachers and three passers-by in a school shooting in Winnenden, southern Germany, before taking his own life.
(With inputs from agencies)
Keep ReadingShow less
Keir Starmer had indicated last month that he would reverse the cuts. (Photo: Getty Images)
THE GOVERNMENT will reinstate winter fuel payments to millions of pensioners this year, reversing an earlier decision that had removed the benefit for most recipients in England and Wales. The move comes after months of criticism and political pressure on prime minister Keir Starmer.
After taking office in July, Starmer's Labour government had removed the winter fuel payments for all but the poorest pensioners as part of broader spending cuts.
The government said at the time that the cuts were necessary to address a gap in the public finances created by the previous Conservative administration.
Means-testing remains for wealthier pensioners
On Monday, the government announced it would restore the payments to 9 million pensioners. Only about 2 million people earning above £35,000 will remain excluded from the £200–£300 heating subsidy during the winter months.
The initial decision had faced opposition from dozens of Labour MPs and was seen as a factor in the party’s recent electoral setbacks, including gains made by Nigel Farage’s Reform UK party in local elections. Reform UK also leads in national opinion polls.
Chancellor Rachel Reeves said the decision to exclude wealthier pensioners still stands and defended the initial cuts.
“Because of those decisions, our public finances are now in a better position, which means that this year we're able to pay the winter fuel payment to more pensioners,” she said.
Treasury costings and political fallout
The Treasury said the reversal would cost £1.25 billion, while means-testing the benefit would still result in savings of about £450 million. It added that the move would not lead to permanent additional borrowing and that funding plans would be set out in a budget later this year.
Speaking at a press conference in Wales, Farage claimed credit for the U-turn.
“The Labour government are in absolute state of blind panic, they are not quite sure what to do,” he said. “Reform are leading now much of their agenda.”
Starmer had indicated last month that he would reverse the cuts.
According to the Institute for Fiscal Studies, the earlier policy change had resulted in around 85 per cent of pensioner households losing access to the benefit.