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India discontinues ₹500, ₹1000 denominations; releases ₹2000 and new ₹500 bills On Wednesday, India demonetised ₹500 — about US$7.50 — and ₹1000 notes, announced as a measure to fight corruption, fake notes, and black money. Prime Minister Narendra Modi addressed the Indian citizens late Tuesday, and said 500 and 1000 rupee notes would cease to be legal tender at midnight.
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