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  • » 11/09/2016, 11.00

    INDIA

    Combating Counterfeiting: 500 and 1000 banknotes rupees withdrawn



    The withdrawn notes are the most used and falsified.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.

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    See also

    10/11/2016 09:18:00 INDIA
    India, endless queues in front of banks to exchange banknotes removed from market

    Yesterday, the government has eliminated 500 and 1000 rupees banknotes. The decision is part of the policy against corruption and money forgery. The banned banknotes accounted for 85% of money in circulation.

     



    18/03/2009 TAIWAN
    Former first lady Wu Shuchen denies accusations of corruption and appropriation of state funds
    In a dramatic confrontation with the former accountant of president Chen Shuibian, Wu insists that all of the money withdrawn was used for legitimate purposes. The trial continues tomorrow.

    30/12/2008 TAIWAN
    Ex-President Chen Shui-bian back in jail
    After 12 hours of deliberation, district court accepts prosecution’s case against release because of the gravity of the crimes and the risk the accused might alter evidence. Chen insists he “will continue to stick up for his good name.” Trial is set for March.

    14/11/2016 15:30:00 INDIA
    India, "disastrous" conditions of the poor. The withdrawal of rupees is "just a political move"

    The banks have no money, ATMs are out of order. Ordinary people are huddled in the streets, hoping to exchange the banknotes of 500 and 1000 rupees. The suspicion is that the BJP leaders knew in advance of the move, and have had time to secure their money. Perhaps the ruling party is the only one with the money for the election campaign in Uttar Pradesh next year.



    28/12/2016 13:40:00 PAKISTAN
    After India’s flop, Pakistan rejects proposal to scrap the 5,000-rupee banknote

    The Senate proposed eliminating the banknote to stem the circulation of illegal money. The Finance Ministry stopped the move. India’s failure prompted the government to focus on digital banking instead of abolishing cash.





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