500 & 1000 rupee notes to be scrapped from midnight. This has taken the country by surprise and can be termed as a surgical strike against corruption and a step towards fighting hawala which is used to buy arms and ammunitions. High quality Fake Indian Currency Notes (FICN) can also be combatted with this move.
PM Modi said that 500 & 1000 rupee notes is going to be mere paper from tonight and the public would have 50 days to return old notes to banks.
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