India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.
New 500 and 2,000 rupee denomination notes will be issued to replace them.
This announcement comes just over a month after the Indian government raised nearly $10bn through a tax amnesty for Indians to declare hidden income and assets.
