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Protestors around India have gathered this week to protest against the governments demonetisation of the 500 and 1000 Rupee notes. The plan came about as Narendra Modi (Current prime minister of India) announced that the notes will be banned in an effort to combat counterfeit note and money laundering. It has also been said that the notes are widely used to fund terrorism.
The demonstrations have gained support from many small institutions and local business claiming that banning the notes will hit the pockets of the less fortunate well before it sees any changes in the black market.
Since its enforcement the Rupee has not seen a significant drop in value, staying steady since its impact of UK leaving the EU. Currently as it stands Rupee is holding strong in the foreign exchange market with little effect to the western world remitters. How long will this last? Give us your thoughts.
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM