With immediate effect, the 500 and 1000 rupee notes are no longer valid – a decision that’s been met with shock and frustration across India. The government hopes to crack down on counterfeiting.
Indian Prime Minister Narendra Modi declared 500 and 1000-rupee banknotes as invalid overnight. Reactions from Indian citizens to the decision ranged from a panic of buying to calmly accepting the inconvenience.
India's destitute working class and rural populace are most affected by the Modi government's drastic and unexpected decision to scrap the nation's highest denomination banknotes. Fabian Kretschmer reports.
PM Modi's move to abruptly withdraw all high-value currency notes from circulation remains highly contentious a year on, with former PM Manmohan Singh calling it "a black day" for India's economy and democracy.
Police in Kosovo have found counterfeit currency worth more than 2 million euros in a car attempting to cross the border into neighboring Albania. Two suspects have been arrested.
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