India refuses banknotes in denominations of 500 and 1000 rupees due to corruption

Prime Minister Narendra modi in a televised address to the nation announced the cancellation in the country of the banknotes in denomination of 500 and 1,000 rupees per connection with the necessity of combating money laundering and terrorism, according to Bloomberg.

Banknotes of this denomination will cease to be legal means of payment from midnight on 8 November local time. As an exception, to pay these bills will be in public hospitals until November 11.

Modi added that the banknotes of 500 and 1000 rupees can be exchanged in the banks or post offices before December 30, reports the Indian Express.

In the message, the Prime Minister added that on 9 November, all banks in the country will be closed. He also said that soon in circulation the new banknotes of 500 rupees and 2000 rupees.

Modi also urged citizens to help the government in the fight against the proliferation of counterfeit and “dirty money”.

At the current rate 1000 rupees is about $15.