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India rupee ban: Garlands of money and other images of a cash crisis India rupee ban: Garlands of money and other images of a cash crisis
(about 4 hours later)
Six days after the Indian government said that 500 ($7.6) and 1,000 rupee notes were no longer valid, millions of people have been queuing up outside banks to swap old notes and withdraw money. Millions of people have been queuing up outside banks all across India, six days after the government said that 500 ($7.6) and 1,000 rupee notes were no longer valid.
On Sunday night, the authorities raised the limit on cash withdrawals from cash machines to 2,500 rupees a day from the earlier 2,000 in an effort to calm public anger. It's an effort to crack down on so-called black money and corruption, but many machines are not working or have run out of cash, leading to long queues and fights.
But many machines are not working or have been quickly running out of cash, leading to long queues and fights. This is what a cash crisis has looked like.
The abolition of the 500 and 1,000 rupee notes is intended to crack down on corruption and bring cash worth billions of dollars in unaccounted wealth back into the economy.
But the two notes accounted for more than 85% of the currency in circulation and the change has disrupted much of India's cash-driven economy.
So how are Indians dealing with the situation?