India's shock withdrawal of larger banknotes sparks chaos in cash economy

[WorldNews]

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By Sankalp Phartiyal and Neha Dasgupta MUMBAI/NEW DELHI (Reuters) - Indians struggled to pay for basics goods like food and fuel on Wednesday and wondered how to get hold of their cash, after India suddenly withdrew 500 and 1,000 rupee notes from circulation in a bid to flush out money hidden from the tax man. The shock measure also sent shudders through the investment community on a day when the markets were also reeling at the prospect of Republican candidate Donald Trump winning the U.S. election. The currency move, announced late on Tuesday night by Prime Minister Narendra Modi, aims to bring billions of dollars worth of unaccounted wealth into the mainstream economy and curb corruption.

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