India’s Rupee Ban Causes Widespread Panic

On November 8th 2016, Indian Prime Minister Narendra Modi, along with Nepal’s central bank, Nepal Rastra, issued a directive to all banks set a ban on 500 and 1000 rupee banknotes. This ban on the 500 and 1,000 rupee notes, worth about $8 and $15 respectively, will remove about 80 percent of the currency in India’s circulation.

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