India’s shocking move to catch tax evaders
A surprise announcement out of India Tuesday night is being called by local media a "surgical strike" against currency corruption that's infiltrated the nation, the BBC reports. Per CNNMoney, India Prime Minister Narendra Modi announced that the country's two largest current bank notes—the 500-rupee note and 1,000-rupee note (equivalent to about $7.50 and $15, respectively), which equal about 85% of the cash currently moving around India—were taken out of circulation in their current incarnation as of midnight Tuesday, which the government hopes will lure people out of hiding who've been stockpiling money without paying taxes on it.