India Abolishes 500 and 1,000 Rupee Notes to Fight Corruption
- Chaos reigns as 500 rupee, 1,000 rupee notes are banned
- The central bank will issue 2,000 rupee notes, Modi says
India Pulls Big Bank Bills in Corruption Crackdown
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India will withdraw high-denomination banknotes in the nation’s biggest crackdown against corruption in almost four decades.
Five hundred rupee ($7.5) and 1,000 rupee notes will cease to be legal tender from Wednesday, Prime Minister Narendra Modi said in an unscheduled address to the nation. The notes in circulation will have to be deposited in banks by the end of December, he said in a late evening speech.