• Wednesday, October 05, 2022

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How did Modi pull off bold rupee shake-up?

Old Rs 500 and Rs 1000 bills are no longer legal tender

By: Eastern Eye Staff

Months of planning by a select few sworn to secrecy and then cash-laden trucks on the streets. But this was no bank robbery – rather an audacious plan to issue new notes across India. There are 1.25 billion people in India but only a handful were aware that on Tuesday night (November 8) prime minister Narendra Modi would announce the shock withdrawal of Rs 500 and Rs 1,000 notes (about £6 and £12 respectively) from circulation. The assault on “black money”, which stunned the country and saw large queues form outside ATMs and banks, was carefully planned over six months…

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