11/09/2016, 11.00
INDIA
Send to a friend

Combating Counterfeiting: 500 and 1000 banknotes rupees withdrawn

The withdrawn notes are the most used and falsified. The population will be able to exchange the counterfeit bills until December 30. In the meantime new denominations of 500 and 2,000 rupees will be put into circulation. Last month a maxi amnesty on unreported income has allowed the recovery of 8.9 billion euro.

 

New Delhi (AsiaNews / Agencies) - In an attempt to curb the phenomenon of counterfeit money circulating in the country, the Indian Prime Minister Narendra Modi has announced the withdrawal of the 500 and 1000 rupees banknotes. All those who possess such banknotes can exchange them from November 10, until December 30. After this period, they will forfeit the legal value of the old rupees.

The decision announced yesterday has already raised numerous concerns. The alleged cuts are the ones most used by the Indian population in their daily purchases. Also for this reason, the banknotes of 500 rupees (6.70 euro) and 1000 rupees are the most falsified.

Speaking to the press, Modi said that "black money [ Indian expression for the money resulting from black market operations] and corruption are the biggest obstacles to poverty eradication."

In the hours following the announcement, citizens stormed the ATMs to withdraw denominations of 100 rupees, the easiest to use in the coming weeks. The government announced today that banks and ATM will be closed to allow the distribution of the new banknotes.

From tomorrow, everyone can meet in banks and post offices to deposit old coins. They will receive in exchange new notes of 500 and 2000 rupees.

The financial move is part of the promises made by the Prime Minister after his election in 2014, when he assured he would fight against counterfeit money and the black market. Last month the government has managed to recover almost $ 10 billion (8.9 billion euro) through a tax amnesty on previously undeclared assets and earnings.

Send to a friend
Printable version
CLOSE X
See also
India, endless queues in front of banks to exchange banknotes removed from market
10/11/2016 09:18
India, "disastrous" conditions of the poor. The withdrawal of rupees is "just a political move"
14/11/2016 15:30
India, Effects of Rupee ban: Economic growth drops from 8% to 6.1%
02/06/2017 09:35
New Delhi’s rupee ban, an ‘act of suicide'
11/09/2017 17:40
"Day of Rage" against rupees recall brings tens of thousands to streets
29/11/2016 09:23