• Wednesday, May 25, 2022

Business

Modi pleads for patience as Indian banks get $44 bn after demonitisation

There has been support but also rising anger over the demonitisation drive

By: Eastern Eye Staff

INDIAN banks received Rs 3 trillion ($44.4 billion) of 500- and 1,000-rupee notes over the last four days, the finance ministry said today (November 13), after the government announced it would withdraw such bills to crack down on corruption. As chaotic scenes erupted outside banks nationwide after high denomination notes were pulled from circulation earlier this week, Prime Minister Narendra Modi today made an emotional appeal to people to make India graft-free. Five days after Modi’s announcement, desperate people continued to line up today for hours outside banks and ATMs, with many running out of cash by the afternoon and…

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