BREAKING: India Bans Bigger Denomination Currency Notes To Replace With High-Security Note

Indian Prime Minister Narendra Modi announced ban of big currency notes with immediate effect across the country to fight corruption including fake currency notes injected into the economy by Islamist militants for years.

The two biggest denominations are currency notes of 500 and 1,000.

The move was surprising and designed to bring billions notes into the mainstream economy.

In an address to the nation the PM said, “Black money and corruption are the biggest obstacles in eradicating poverty.”

Modi added new high-security notes will be issued starting from Thursday, November 10.

Stacking up cash in the form of 100-rupee notes became the matter of concern for people who rushed to ATM dispensers Tuesday night.

All banks and ATMs across the country will remain closed on Wednesday, November 9, to the public to facilitate currency replacement process.

Experts believe cash as much as 20 percent of the nation’s GDP would be re-injected into the mainstream economy with the move.

Central bank of the country, Reserve Bank of India, said new high-security notes of denominations 500 and 1,000 would be issued from Thursday, November 10.