Thousands of police have been deployed across India to ensure the safety of the country’s banks after the government decided to remove all 500 and 1000 rupee notes from circulation. The two notes account for 85% of all the money in circulation.
Angry queues formed outside banks as the public rushed to exchange their money before the December deadline. Several banks have run out of notes following the surprise decision by the Modi government to remove the notes from circulation. Apparently, the move is to reduce corruption and tax evasion. The government is replacing the old notes with new 500 and 2,000 rupee notes with added security features.
Banks reopened on Thursday but a cap remains on the amount Indians can withdraw per day and most ATMs remain closed.