Indian banks start exchanging withdrawn 2,000-rupee notes
The 2,000-rupee notes have been withdrawn, sparking concerns and confusion. …
On 8 November, Mr Modi gave only four hours’ notice to announce that all 500 and 1,000 rupee notes – effectively 86% of India’s cash – would no longer be valid. The 2,000 rupee notes were introduced to quickly replenish the amount currency in circulation after the move – termed “demonetisation” in the media.
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