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What Will India Do With 23 Billion Worthless Banknotes?

  • Central bank to destroy more than 23 billion currency notes
  • Some bills are popping up for sale on websites like Ebay
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Winners and Losers From India's Cash Ban

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When the rest of the world rings in the New Year, India’s central bank will be grappling with a unique situation: how to deal with more than 23 billion worthless bank notes.

Stacked one on top of the other, the pile would be 300 times the height of Mount Everest. Laid down to form a pathway, it’d be long enough to reach the moon and back five times. Prime Minister Narendra Modi invalidated the bills in a single move announced Nov. 8, sucking out 86 percent of the nation’s currency in circulation and giving citizens until Dec. 30 to exchange them for fresh notes.