Home »
Scraped Indian Rupee 500 And 1000 »
Indian Govt Declared Banned on INR 500 and INR 1000
Indian Govt Declared Banned on INR 500 and INR 1000
Cash may no longer be king in India. The nation's nascent digital economy stands to be the biggest beneficiary from its strongest crackdown on corruption since 1978.
In a surprise announcement late Tuesday, Prime Minister Narendra Modi banned 500-rupee ($7.50) and 1,000-rupee notes effective midnight, sweeping away 86 percent of total currency in circulation.
Paytm, India's largest digital wallet startup, hailed the move in the morning newspapers as it splashed Modi's photograph in a full-page advertisement.
Narendra Modi Speech for declaration of Cancellation of Rupees 500 and Rupees 100