India scraps 500 and 1,000 rupee bank notes overnight

Source: BBC

Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

The surprise move is part of a crackdown on corruption and illegal cash holdings, he said in a nationwide address on television.

"Black money and corruption are the biggest obstacles in eradicating poverty," he said.

New 500 and 2,000 rupee denomination notes will be issued to replace them.

Read more: http://www.bbc.co.uk/news/business-37906742