India scraps 500 and 1,000 rupee banknotes overnight

_92319839_mediaitem92319835news65fs5f5s656sfIndian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.
The surprise move is part of a crackdown on corruption and illegal cash holdings, he said in a nationwide address on television.
“Black money and corruption are the biggest obstacles in eradicating poverty,” he said.
New 500 and 2,000 rupee denomination notes will be issued to replace them.
The move is designed to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities.