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Indian official says scrapping high-value currency notes means to curb terrorism

Xinhua, November 12, 2016 Adjust font size:

Indian Home Minister Rajnath Singh on Saturday urged all countries to unite against terrorism, saying the demonetisation of currency notes of higher denominations was a long-term move to curb it.

"The biggest threat to the world is posed by terrorism. The entire world will have to unite against it. The government's move to scrap high-value currency notes will go a long way in curbing it," Singh said at an event in the northern state of Uttar Pradesh's capital Lucknow.

Indian Prime Minister Narendra Modi on Tuesday announced to scrap currency notes of 500 and 1,000 rupees (7.50 U.S. dollars and 15 U.S. dollars) respectively.

Modi had said that demonetisation was done to curb the menace of black money in India and to stop counterfeiting of the current banknotes alleged to be used for funding terrorism. He had also said the old notes would be replaced by new ones. Enditem