Na­tion scraps its largest ban­knotes

China Daily (USA) - - WORLD -

In­di­ans awoke to a morn­ing of con­fu­sion af­ter the gov­ern­ment with­drewthe high­est-de­nom­i­na­tion cur­rency notes overnight to halt money laun­der­ing in a coun­try where­many in the poor and mid­dle-class still­make day-to-day trans­ac­tions in cash. Road­side veg­etable sell­ers, kiosks sell­ing cook­ies and tea, small mom-and-pop stores sell­ing gro­ceries, all sawa sharp drop in cus­tomers onWed­nes­day as banks andATMs were closed the morn­ing af­ter PrimeMin­is­terNaren­dra Modi’s sur­prise tele­vised an­nounce­ment. As of mid­night on Tues­day, all 500- and 1,000-ru­pee notes had no cash value.

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