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  • 11.28.16

Protests erupt across India after large-note rupee ban

Following Indian Prime Minister Narendra Modi’s announcement three weeks ago that the country would be banning 500- and 1,000-rupee notes in efforts to combat currency corruption, thousands of people have gathered in cities like Bangalore and Kolkata for “day of rage” protests against the move, the BBC reports

Modi’s decision—which abolished 86% of India’s cash from circulation—blindsided much of the country, where about 90% of transactions are made in cash. The controversial move has congested large portions of India’s business operations, with lines to cash-strapped banks snaking around corners and e-commerce companies such as Flipkart and Amazon suspending cash-on-delivery payments.JJM