No more over-the-counter exchange of old notes from midnight
Centre has announced that there will be no more exchange of old 500 and 1,000 rupees notes, over the counter. The announcement came three days after denying that such a step would be taken. However, the exchange of old notes will be stopped for the simple reason that banks are still clogged with people queuing up to exchange old notes. Most of them are 'cash coolies,' meaning those who are made to exchange the black money of big wigs. There is threat of this leading to another pile of black money. Also, certain relaxations have been made regarding exchange.