Indian government scraps 500 and 1,000 rupee notes overnight

500 rupee notes

The Prime Minister of India, Narendra Modi has surprised everyone with the announcement of scrapping 500 and 1,000 rupee notes overnight. New 500 and 2,000 rupee notes will replace these old notes in the financial systems. This is considered the boldest move by the Prime Minister to crackdown on black money and illegal cash money holdings.

Here is the infographic released by the government:

black-money

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