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Indian rupee window closes

Published : Saturday, 31 December, 2016 at 12:00 AM  Count : 352

MUMBAI, Dec 30 : A deadline for Indians to deposit invalid rupee notes at banks closes on Friday as attention turns towards the potential political ramifications of Prime Minister Narendra Modi's bold currency shakeup.
Restrictions on the amount of cash that can be withdrawn from ATMs are also due to be lifted, 52 days after Modi scrapped high-denomination notes in a crackdown on corruption.
His shock November 8 announcement rendered 86 percent of India's currency void, giving customers until December 30 to swap their old 500 rupee ($7.30) and 1,000-rupee bills for new ones.
The Indian leader was widely hailed for his assault on tax evasion but long queues outside banks, a cash crunch and policy flip-flops quickly led to anger in some quarters.    AFP









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