http://illuminatisilver.comhttp://facebook.com/illuminatisilverIndia scraps 500 and 1,000 rupee bank notes overnight
Today is Tuesday 8th November 2016 and we are reporting on an announcement just made by the Indian Government showing one way in which they plan to attempt to thwart the illegal holding of Indian Rupees.
Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight. In a TV Nationwide address he said:
"Black money and corruption are the biggest obstacles in eradicating poverty,"
His intention is to lock out money that is unaccounted for and may have been acquired corruptly, or be being withheld from the tax authorities.
New 500 and 2,000 rupee denomination notes will be issued to replace them.
Banks have been told to exchange existing high denomination Rupee notes over the next 50 days. People will be able to exchange their money at banks between 10 November and 30 December.
The announcement comes just over a month after the government raised nearly $10bn through a tax amnesty for Indians to declare hidden income and assets.
If anyone thought for a moment that holding assets in cash illegally cannot be thwarted may have to think again.
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