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Why The Rush? Government Moves To Scrap Large Currency Notes Overnight
09 Nov 2016, 04:36 AM IST ![NDTV Profit](/icons/feather-without-circle.svg)
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![New Delhi : RBI Governor, Urjit Patel with Finance Secretary Shashikant Das showing specimen notes of new Rs.2000 during their press conference in New Delhi on Tuesday. (Photographer: Shahbaz Khan/PTI)](https://media.assettype.com/bloombergquint%2F2016-11%2F30ee0e91-b004-4c25-b966-d5912fa071be%2F08111-pti11_8_2016_000330b.jpg?rect=0%2C0%2C2401%2C1351&auto=format%2Ccompress&w=200)
New Delhi : RBI Governor, Urjit Patel with Finance Secretary Shashikant Das showing specimen notes of new Rs.2000 during their press conference in New Delhi on Tuesday. (Photographer: Shahbaz Khan/PTI)
In a surprise announcement, Prime Minister Narendra Modi announced on Tuesday evening that from starting November 8 midnight, Rs 500 and Rs 1,000 currency notes will no longer be legal tender.
Effectively, the government barely gave people four hours before these denominations turned illegal.
![Why The Rush? Government Moves To Scrap Large Currency Notes Overnight](https://media.assettype.com/bloombergquint%2F2016-11%2F1401e63c-a5c6-4459-a130-ee2f7a406c7e%2F1.png?auto=format%2Ccompress)
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Raghav Bahl is the co-founder and chairman of Quintillion Media, including BloombergQuint. He is the author of two books, viz ‘Superpower?: The Amazing Race Between China’s Hare and India’s Tortoise’, and ‘Super Economies: America, India, China & The Future Of The World’.
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