India rolls back latest curbs on deposits of banned notes
India's central bank on Wednesday rolled back an order restricting deposits of banned rupee bills into bank accounts, after the move sparked a huge public backlash. Prime Minister Narendra Modi unleashed chaos last month with his shock move to withdraw high-denomination 500 ($7.50) and 1,000 rupee notes from circulation, in an effort to tackle widespread corruption and tax evasion. On Monday, just days before the December 30 deadline to swap old rupee bills for new ones, the Reserve Bank of India (RBI) said that deposits of over 5,000 rupees in old banknotes would only be allowed once before the cut-off date.