Nov 24

Indian Currency Crashes To Record Low As Cash Exchange Of Old Notes Suspended:

It appears the social unrest, economic collapse, and currency crisis sparked by Indian PM Modi’s decision to demonetize “corrupt” high-denomination bank-notes was not enough.

As the Rupee crashed to a record low overnight, officials announced a suspension of the exchange of ‘old notes’ as of tomorrow to, in their words, “encourage people to deposit old notes in their bank accounts.” With as much 60% of banknotes still un-exchanged, we suspect chaos will be the operative word for the immediate future.

Those with old notes will still be allowed to deposit them into their bank accounts until Dec. 31, but not permitted to do outright exchanges.

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