India scraps 500 and 1,000 rupee bank notes overnight

India scraps 500 and 1,000 rupee bank notes overnight India scraps 500 and 1,000 rupee bank notes overnight Indian Prime Minister Narendra Modi has declared that the current 500 and 1,000 rupee banknotes will be pulled back from the monetary framework overnight. The shock move is a piece of a crackdown on debasement and illicit money property, he said in an across the nation address on TV. "Dark cash and debasement are the greatest hindrances in destroying neediness," he said. New 500 and 2,000 rupee section notes will be issued to supplant them. The move is intended to bolt out cash that is unaccounted for and may have been gained corruptly, or be being withheld from the assessment powers. It is viewed as the boldest move by any Indian government to clampdown on duty evaders. Banks have been advised to trade existing high division rupee notes throughout the following 50 days. The 500 and 1,000 rupees notes are to a great degree basic in India. Airplane terminals, railroad stations and healing facilities will acknowledge the notes until 11 November. Individuals will have the capacity to trade their cash at banks between 10 November and 30 December. Mr Modi's decision Bharatiya Janata Party came into influence in 2014 promising to bring billions of dollars of underground market cash into the nation's budgetary framework. The declaration comes a little more than a month after the administration raised about $10bn through an assessment acquittal for Indians to pronounce shrouded wage and resources.