India currency bombshell

[pawel7777]

He did it, absolute madman. Today Indian Prime Minister N. Modi pulled 500 and 1000 rupees banknotes out of circulation. From midnight, those will no longer be a legal tender. That's what I call a short notice.

Official reason: too much "black money" in the economy. Unofficial: to force people to declare their cash-stash and pay tax on it if they haven't.

http://www.bbc.co.uk/news/business-37915359
http://www.aljazeera.com/news/2016/11/india-pulls-500-1000-rupee-notes-fight-corruption-161108183957324.html
http://www.financialexpress.com/india-news/live-india-marks-its-presence-as-a-bright-star-in-global-economy-pm-narendra-modi/441332/
http://www.wsj.com/articles/india-to-phase-out-current-500-and-1000-rupee-bank-notes-1478619693