India scraps two banknotes overnight

India currency
The old Mahatma Gandhi series is to be replaced

The Reserve Bank of India (RBI) has withdrawn both the Rs500 ($7.50) and Rs1,000 banknotes from circulation overnight, the central bank said in a series of statements today (November 9).

The surprise move, announced on the evening of November 8 by prime minister Narendra Modi, is part of a co-operative campaign between central bank and government to crack down on corruption and illegal cash circulation. "Black money and corruption are the biggest obstacles in eradicating poverty," Modi said.

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