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Thursday, 10 November 2016 - 11:11
Shock as India scraps 500 and 1,000 rupee bank notes
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Indian Finance Minister Arun Jaitley says "honest people" have no need to worry about a decision to scrap 1,000 and 500 rupee notes.

Jaitley said the move would flush out tax evaders, adding that all old notes deposited in banks would be subjected to tax laws.

The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings.

The announcement was met with shock in India.

Media described the move variously as a "surgical strike" on tax evaders in the country's overwhelmingly cash-based economy and a "big bang note". The banknotes declared illegal tender represent 85% of cash in circulation in India.
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