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| India scraps 500 and 1,000 rupee bank notes overnight | India scraps 500 and 1,000 rupee bank notes overnight |
| (35 minutes later) | |
| Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight. | Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.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. | 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. | "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. | |
| The move is designed to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities. | The move is designed to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities. |
| It is seen as the boldest move by any Indian government to clampdown on tax evaders. | It is seen as the boldest move by any Indian government to clampdown on tax evaders. |
| Banks have been told to exchange existing high denomination rupee notes over the next 50 days. | Banks have been told to exchange existing high denomination rupee notes over the next 50 days. |
| The 500 and 1,000 rupees notes are extremely common in India. | The 500 and 1,000 rupees notes are extremely common in India. |
| Airports, railway stations and hospitals will accept the notes until 11 November. | Airports, railway stations and hospitals will accept the notes until 11 November. |
| People will be able to exchange their money at banks between 10 November and 30 December. | People will be able to exchange their money at banks between 10 November and 30 December. |
| Mr Modi's ruling Bharatiya Janata Party came into power in 2014 promising to bring billions of dollars of black market money into the country's financial system. | |
| The announcement comes just over a month after the government raised nearly $10bn through a tax amnesty for Indians to declare hidden income and assets. |