Indian Prime Minister Narendra Modi has announced that the 500 ($7.60) and 1,000 rupee banknotes will be withdrawn from the financial system overnight.
The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings.
Banks will be closed on Wednesday and ATM machines will not be working.
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Time For Truth: (BBC News) – India scraps 500 and 1,000 rupee bank notes overnight
Chinese President Xi Jinping said Sunday a rising tide of protectionism and anti-globalisation was endangering the world economy’s still fragile recovery as BRICS leaders vowed to forge closer business and trade ties.
At a summit in the Indian tourist hub of Goa, host Prime Minister Narendra Modi and the leaders of China, Russia, Brazil and South Africa issued a joint declaration on a range of measures, including the setting-up of a new credit ratings agency and fighting tax evasion.
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Time For Truth: (Yahoo News) – Xi warns of globalisation backlash at BRICS summit
Are the days of Indian restraint toward Pakistan over? New Delhi’s announcement on Thursday, that it had conducted “surgical strikes” in Pakistan-controlled Kashmir to take out “terrorist teams,” risked escalating already heightened tensions between South Asia’s nuclear armed rivals, signaling a new Indian assertiveness in the face of provocations by its western neighbor. Until now, India had been careful to avoid doing anything that might spark a military clash with Islamabad. Had New Delhi now changed its mind about the risks of confronting Pakistan?
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Time For Truth: (Time) – Tensions Rise as India Claims ‘Surgical Strikes’ in Pakistan-Controlled Kashmir
Angry Dalit protesters across Gujarat today held a massive demonstration blaming Prime Minister Narendra Modi, BJP for brutally thrashing of four Scheduled Caste. The demonstration was held on Friday at Narendra Modi’s home town of Vadnagar where more than 4,000 protesters took to the street.
The video of Friday’s demonstration which has went viral showed many Dalit people shouting, “Hai re Modi…hai-hai re Modi,” – slogans used by women during funeral processions.
The departure of India’s central bank governor, Raghuram Rajan, revives investors’ questions about the direction of Prime Minister Narendra Modi’s economic agenda and his political will to pursue it.