INR 500, 1000 Currency Notes Banned In India

People across India were in deep trouble on Wednesday as the Narendra Modi government in New Delhi abolished INR (Indian Rupees) 500 and 1000 currency notes at 12am (midnight).

On Tuesday evening, Prime Minister Modi announced his decision to ban INR 500 and 1000 notes, saying that it was his government's first move towards fight against the black money. Speaking at a media conference in the capital, the PM said that the government had no other option, but to denominate INR 500 and 1000 currency notes as it became important to stop terror funding and recover the 'undisclosed' money.

The PM further urged people not to panic, stressing that the existing INR 500 and INR 1000 notes would be accepted till November 11 at state-run hospitals, pharmacies in state-run hospitals, railway counters, buses, milk booths and crematoria. He informed the people that branches of all...