India tries to stem panic after notes withdrawnNEW DELHI -- India's government tried to quell the panic Wednesday caused by a bombshell decision to withdraw 500 and 1,000 rupee notes from circulation after cash machines ran dry and shares slid. All banks and cash machines were ordered to close on Wednesday in preparation for the turnaround, triggering a late night rush by customers to withdraw smaller notes from ATMs. "Housewives with small cash savings and farmers have no need to worry. People who withdraw money from the banks have nothing to worry about ... All they have to do is exchange it or deposit it in the bank," Finance Minister Arun Jaitley told public television. The slide was also partially attributed to uncertainty sparked as Donald Trump claimed the U.S. presidency in a stunning upset.

Source: The China Post November 09, 2016 16:13 UTC