India Set to Descend into Cash Chaos

India Set to Descend into Cash Chaos

In an unprecedented move, Indian Prime Minister Narendra Modi has announced the ban of two of the biggest fiat banknotes in the country. A surprise televised address by India’s prime minister Modi today has left a nation of over a billion-people bewildered after the country’s elected leader announced that ₹500 and ₹1000 bank notes (approx. $7.50 and $15) will be illegal effective November 9. The two currency denominations are the biggest bank notes issued by the Reserve Bank of India, the country’s central bank. The move, Modi said, was to tackle corruption, black money (illegally held....


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