India's decision in late 2016 to withdraw from circulation all existing 500- and 1,000- rupee paper currency,to stop accepting the old currency,and to stop exchanging it for new currency was an attempt by policymakers to

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India's decision to withdraw high denomination currency notes was taken to reduce corruption and illegal activity because the old notes were believed to be commonly used to pay bribes and conduct illegal transactions. This move forced those holding unreported wealth to either deposit it into banks or lose its value altogether, which helped in reducing corruption to some extent.

India's Decision in Late 2016 to Withdraw from Circulation All