Dear MEL
Topic Readers,
India
scraps 500 and 1,000 rupee bank notes overnight
A
complete surprise. Bank notes of the largest and the second largest, 1,000 and
500 rupees, will no longer be used or exchanged next year in India. You need to
be quick to use or exchange these bank notes before they become a pile of
paper, if you have any.
It is
quite astonishing that such impactful announcement had never been either speculated
or leaked from the administration in Delhi or banks across the country. They
kept this move in complete secret in order to bring the country’s black money
to the financial system. Such black money has been created by corruption, tax
evasion and illegal transactions. In India, most transactions in daily life are
in cash, which makes them invisible in the country’s financial system.
Will
this bold move help the administration fulfill its commitment to reduce
corruptions and clean the financial system?
Enjoy
reading and think what you would do if you had substantial amount of unclaimed rupees
in an Indian bank.
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