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 Rs 500, Rs 1,000 notes banned as PM Narendra Modi unleashes crackdown against black money

 

  • Launching a frontal and unprecedented attack on black economy and corruption, the government on Tuesday declared R500 and R1,000 notes in circulation “not legal tender” with effect from midnight, a historic move that took banks, financial market participants and the people at large by surprise. The Reserve Bank of India (RBI) will release new series of R500 and R2,000 notes and these will come into circulation from November 10.
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