Rs 500 and 1000 currency demonetised
In a major step to check black money, the Indian government on Tuesday discontinued Rs 500 and 1000 currency notes. The announcement in this regard was made by Prime Minister Narendra Modi during his address to the nation. From Midnight Nov 8, 2016 today, Rs500 and Rs1000 notes are no longer legal tender, said Modi.
The prime minister said that corruption and black money is something the government has fought for immediately after assuming office.
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It's a good step in the right direction, and that's good news for those who have Bitcoin in India, but the effects won't take place for a little while and it'll be imposed on December 31st if I read some other things correctly.
This is kinda big, and it might be good for their economy, but we'll have to see how it plays out.
it is a good step and people who are having huge amount of illegal currency are already panicking as someone found a stash of 500 and 1000 rupee currency in dumped in maharastra ,so this is really effective and i am sure people would venture other ways to hide their wealth and bitcoin will catch up in india