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India rupee ban: Opposition parties begin 'day of rage' | India rupee ban: Opposition parties begin 'day of rage' |
(about 1 hour later) | |
Indian opposition parties say thousands will participate in nationwide protests against the government's ban on two major currency notes. | Indian opposition parties say thousands will participate in nationwide protests against the government's ban on two major currency notes. |
Earlier this month, the 500 and 1,000 rupee notes were banned overnight, causing chaos as people lined up at banks to exchange their old currency. | Earlier this month, the 500 and 1,000 rupee notes were banned overnight, causing chaos as people lined up at banks to exchange their old currency. |
Prime Minister Narendra Modi has defended the decision saying it was an anti-corruption measure. | Prime Minister Narendra Modi has defended the decision saying it was an anti-corruption measure. |
But opposition parties say the move was mishandled. | But opposition parties say the move was mishandled. |
Last week, they stalled parliament and demanded Mr Modi should apologise for the decision. | Last week, they stalled parliament and demanded Mr Modi should apologise for the decision. |
Correspondents say it is unclear how much public momentum a day of protests will generate as many Indians have supported the move, despite the inconvenience it has caused them. | |
Most opposition parties have said they will participate in the so-called "day of rage". | Most opposition parties have said they will participate in the so-called "day of rage". |
The southern state of Kerala, ruled by the Communists, is likely to see a shutdown, while a major protest rally has been planned in the eastern city of Kolkata. | The southern state of Kerala, ruled by the Communists, is likely to see a shutdown, while a major protest rally has been planned in the eastern city of Kolkata. |
In the southern city of Bangalore, the main opposition Congress party will hold a protest march, where several thousand people are expected to participate, according to the BBC's Geeta Pandey. | In the southern city of Bangalore, the main opposition Congress party will hold a protest march, where several thousand people are expected to participate, according to the BBC's Geeta Pandey. |
'Monumental mismanagement' | 'Monumental mismanagement' |
About 90% of India's transactions are in cash and many people don't have a bank account. The two banned notes accounted for about 86% of the cash in circulation. | |
In his first national address since the government banned the notes, Mr Modi called on Sunday for people to embrace digital payments and use less cash. | |
Last week, former Prime Minister Manmohan Singh said the government's move to ban the much-used banknotes was "monumental mismanagement", and that the country's gross domestic product would fall "by about 2%" because of the move. | |
Mr Modi announced that 500 and 1,000 rupee notes were no longer legal tender as part of a crackdown on corruption earlier this month. | |
There have been chaotic scenes in India ever since. People have been queuing for hours outside banks and cash machines which are fast running out of money. | |
In some instances the police have had to be called in to manage queues of anxious customers trying to change their savings in banned notes for legal tender. | In some instances the police have had to be called in to manage queues of anxious customers trying to change their savings in banned notes for legal tender. |