News

Chaos Ensues After India Removes Two Highest Denomination Notes from Circulation

What would you do if the government removed all $100 and $50 bills from circulation? That's basically exactly what happened in India after the Indian government decided to remove the 1,000 and 500 rupee note from circulation last Tuesday, and millions of people lined up at banks to exchange their now worthless paper for legal currency. Footage from Bangalore shows the chaos at banks across India on Saturday, as millions of people queued up for hours to change old currency notes that became worthless days earlier. Long lines formed outside the banks and scuffles broke out after some ATMs ran out of cash. More than half of India's 220,000 ATMs were not ready to dispense the new bills. On Tuesday, November 8, the same day as the US presidential election, India's government made a surprise announcement that all 500- and 1,000-rupee notes were being taken out of circulation and had no cash value, in an effort to tackle corruption and tax evasion, causing a rush to the banks to swap the old, now defunct notes.