Cash chaos after shock move targeting India's "black money"

NEW DELHI — Almost two weeks after the Indian government banned the largest bills of the nation’s currency, people are still struggling to exchange their old cash and get their hands on the new bills. 

More than 85 percent of India’s circulating currency was made instantly illegal on November 8, when Prime Minister Narendra Modi in a sudden and surprise televised address announced that 1,000 and 500 Rupee notes, worth about $15 and $7.50 respectively, would cease to be legal tender the next morning. 

Since that moment, there have been long lines outside banks and at ATMs, and the government is struggling to help people facing the sudden cash crunch. 

Thousands of people have spent up to six hours outside banks to get small amounts of new notes that the government is still in the process of printing. ATMs are still being re-calibrated to dispense new 2,000 Rupee notes. Some…

Read the full article at…

Leave a Reply

Your email address will not be published. Required fields are marked *