India’s Anti-Corruption Measure: Ban Big Banknotes
It’s a shock to currency affairs. Cash is king in India, and in an effort to cut down on corruption and tax dodging, Prime Minister Narendra Modi on Tuesday announced a ban on 500 and 1,000 rupee notes — worth about $8 and $15 respectively, and constituting 85 percent of circulating cash. People panicked, rushing to ATMs and standing in massive lines to get cash before banks closed yesterday to restock and receive newly introduced 2,000 rupee notes. Indians will be able to exchange their now-worthless notes until Dec. 30.