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Indian Woman Commits Suicide Over Rupee Bank Note Ban

Bilal7

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A woman who feared she would be left broke after hearing 500 and 1,000 rupee notes were being withdrawn from circulation in India has killed herself, police have said.

Kandukuri Vinoda, 55, had a large amount of the high denomination notes at home and apparently panicked, thinking her savings had become worthless.

Ms Vinoda, from Mahabubabad district, east of Hyderabad city, had been paid around 5.5 million rupees (£65,000) in cash after selling land last month.

She reportedly used some of the money for her husband's medical bills and planned to buy a new plot with the rest.

A policeman was quoted as saying: "The family told us she panicked after hearing about the note ban and hanged herself at her home."

The country's prime minister Narendra Modi announced on Tuesday that the 500 (£6) and 1,000 (£12) rupee notes were being pulled nationwide in a crackdown on "black money".

There are concerns such large denominations were being held by tax dodgers.

Mr Modi said the notes were fuelling corruption, being forged and used to pay for attacks by Islamist militants against India - but the move has led to protests.

It has also caused chaos at banks, with long queues forming and arguments breaking out.

Thousands of police were called to help control the situation.

People tried to swap the worthless cash for smaller bills or new 2,000 rupee notes being rushed into circulation, and ATMs were shut.

The price of fresh fruit and vegetables dropped sharply as people ran out of cash, and vendors were unable to give change to those who did.

The government has told hospitals and petrol stations to accept the old money for a few more days.

Meanwhile, police in Uttar Pradesh state said they were investigating reports people were burning sacks of the defunct notes so they did not have to declare them, thus avoiding heavy penalties.

http://news.sky.com/story/panicked-woman-kills-herself-over-rupee-bank-note-ban-in-india-10652636
 
She was keeping 5.5 million at home?
I don't know the whole case but this look like a straight away tax evasion case. Why didn't she used bank services for selling or buying the land unless she wanted to pay less stamp duty, which is quite common in India.
 
5.5 million at home is staggering amount by Indian standards.
 
I have seen big huddle of shopkeepers since this news broke out. So panic is definitely there among them. Property rates would effected as it involves mostly black money.
 
She was paid that in cash for land according to the article. So it probably wasn't illegal money as far as she was concerned.

Nobody gives full white money regarding property transaction, more than 60% is money involved is black. There is a possible that out of 5.5 million , atleast 3 million was black money.
 
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I have seen big huddle of shopkeepers since this news broke out. So panic is definitely there among them. Property rates would effected as it involves mostly black money.

Love it.
 
Nobody gives full white money regarding property transaction, more than 60% is money involved is black. There is a possible that out of 5.5 million , atleast 3 million was black money.

I think it's similar in Pakistan. A lot of people are going to see their worlds turned upside down overnight if that's the case.
 
I think it's similar in Pakistan. A lot of people are going to see their worlds turned upside down overnight if that's the case.

In case Nawaz Sharif decide to implement this. Best option for people is to ditch higher currency note with lower one. The only drawback - it will require larger space to store.
 
In case Nawaz Sharif decide to implement this. Best option for people is to ditch higher currency note with lower one. The only drawback - it will require larger space to store.

Once 1 billion rupees in cash and thn 70 crore rupees in cash were found in the basement of our 2 bureaucrats last year :D
 
1 billion :irfan , probably a WR.

3 machines and hours to count those 70-73 crore rupees :)) There were also reports that an ex Sindh Minister and Zardari's close aide's Rs 3 Billion black money burnt in basement fire.

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