Banks and ATMs all over India were closed on Wednesday, following Prime Minister Narendra Modi's shock decision a day earlier to withdraw 500 and 1,000 rupee notes — the country's two largest denominations — from circulation at midnight. That will have to wait till banks reopen on Nov.10, which is when the Reserve Bank of India says it will roll out new higher security 500 and 2,000 rupee notes. Across the country Tuesday night, people rushed to bank ATM machines where money could be withdrawn in 100-rupee notes, trying to avoid being caught without cash over the next few days.
India abolishes larger banknotes in a bold and unexpected move to curb circulation of counterfeit notes and to fight black money.