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On November 8, 2016, Prime Minister Narendra Modi announced in a televised address to the nation that he was withdrawing all 500- and 1,000-rupee banknotes from circulation at midnight. The surprise move invalidated 86.9% of the value of currency in circulation in a single stroke. Modi asked Indians to make a "grand sacrifice for cleansing our country." He promised that the hardship would help eliminate black money, corruption, counterfeit currency and terrorist financing. The exercise was presented as a major step towards a cleaner and more transparent economy. Millions of Indians rushed to banks to exchange their savings.
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