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| Notes of Rupees 500 and 1000 not legal tender anymore, Photo By Mohsin Javed |
The Prime Minister Shri Narendra Modi announced on Tuesday, 8 November 2016 the abolition of 500 and 1000 rupees bank notes from midnight, a dramatic moved aimed at stamping out corruption and draining illicit cash from the economy.
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| The RBI will issue a new notes of 500 and 2000 Rupees later, Photo By Mohsin Javed |
The short notice sparked concern among people, and large queues were reported outside ATMs across India, as people rushed to withdraw smaller bank notes.
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| The announcement sparked rush at ATMs on Tuesday night as people jostled for 100 Rupee notes, at time leading to cashless, Photo By Mohsin Javed |
The move could also inconvenience poorer people and families planning wedding, the season for which starts in days.
The Reserve Bank of India (RBI) will issue a new 2000 and 500 Rupee notes later.