India, endless queues in front of banks to exchange banknotes removed from market

Yesterday, the government has eliminated 500 and 1000 rupees banknotes. The decision is part of the policy against corruption and money forgery. The banned banknotes accounted for 85% of money in circulation.

 

New Delhi (AsiaNews / Agencies) - Endless queues are forming outside banks nationwide as people race to exchange the 500 and 1000 rupees banknotes that the government recalled yesterday. In some areas it has created a bank rush to ensure the exchange of the banned notes and withdrawal of valid money.

Local newspapers report that India's population was taken by surprise by the decision promulgated yesterday. The initiative of the Narendra Modi government has not followed an effective and comprehensive communication on the amount of convertible currency, and many now fear not being able to exchange all the money in their possession within the deadline of 30 December.

This is part of the anti-corruption and anti-counterfeiting policies. The recalled 500 and 1000 rupees notes are the ones most used in daily transactions (around 85% of the money in circulation) and therefore more prone to forgery.

Citizens are facing long hours of waiting in frustration and irony. A Twitter user has listed what people need to bring: "Banknotes, identification, a packed lunch,  playing cards, dinner, bed linens, and a lot of patience."

• India rupees economy 500
• 1000
• banknotes fight forgery black
• money forgery