Indian rupees recalled

This item appears on page 4 of the January 2017 issue.

The Indian government suddenly withdrew 500- and 1,000-rupee banknotes from circulation and made them no longer legal tender as of Nov. 8, calling the move a crackdown on corruption and illegal cash holdings. The two notes are among the most commonly used in India. 

New 500- and 2,000-rupee notes are being printed to replace the former currency. Indian citizens had until Dec. 30 to exchange their cash. Foreign banks and currency exchanges were not accepting any 500- or 1,000-rupee notes.