In observance of the International Migrants Day, Dec 18
The Indian government issued orders withdrawing the validity of existing high denomination (Rs. 500 and Rs. 1000) currency notes on 8th November 2016. Newer currency notes (Rs. 500 and Rs. 2000) were issued subsequently. The move was aimed at tackling counterfeit currency notes and those hoarding untaxed or illicit income. The impact on formal international inward remittances was minimal. MTOs doing cash payouts were impacted in the short run due to unavailability of large denomination currency. Families of migrants also reported problems in withdrawing remittances from ATMs. Formal international outflows were not affected since these are usually made out of bank accounts.
The Indian government issued orders withdrawing the validity of existing high denomination (Rs. 500 and Rs. 1000) currency notes on 8th November 2016. Newer currency notes (Rs. 500 and Rs. 2000) were issued subsequently. The move was aimed at tackling counterfeit currency notes and those hoarding untaxed or illicit income. The impact on formal international inward remittances was minimal. MTOs doing cash payouts were impacted in the short run due to unavailability of large denomination currency. Families of migrants also reported problems in withdrawing remittances from ATMs. Formal international outflows were not affected since these are usually made out of bank accounts.
