The Presidential Daily Brief


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    India Hits Final Day of Rupee Grace Period

    Soon it’ll just be a lot of worthless paper. India’s government, hoping to cut down on counterfeiting and undeclared money, banned 500 and 1,000 rupee notes — 86 percent of the country’s cash — last month. The final date for spending the notes has passed, and today’s the last day to take discontinued notes to banks before they’ll be totally valueless. Some Indians abroad will have another three months to exchange the discontinued notes, but Parliament’s now working on making it a criminal offense to own any after April 1.

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