India’s prime minister, Narendra Modi, has announced that 500 and 1,000 rupee notes are to be taken out of circulation, in a move expected to plunge the the country’s economy into chaos.
In a surprise televised address on Tuesday night, Modi said the demonetisation of India’s highest-value banknotes, worth about £6 and £12, would start from midnight.
The move is an effort to close down the booming economy of untaxed cash transactions, which allows corruption, the funding of terrorist groups, and keeps counterfeit notes in circulation.
Addressing the nation, Modi said: “The exchange of 500 and 1,000 rupee notes being tendered as currency will be stopped from today. Black marketeers and traitors who use black money will not be able to move large amounts of money and 500 and 1,000 rupee notes will become worthless pieces of paper. Those citizens earning honestly and with hard work, their interests will be protected.”
Modi emphasised that citizens who had 500 and 1,000 rupee notes need not panic, as cash could be deposited at banks or post offices until the end of 2016. He said: “These steps are a part of our battle against corruption, black money and counterfeit notes. The ordinary citizen who is struggling, will be strengthened … There is no need for you to rush to the bank tomorrow, you have 50 days.”
මේකෙන් කොහොමද ආර්තිකය හැදෙන්නේ
