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Indian Prime Minister Narendra Modi announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation to crack down on rampant corruption and counterfeit currency.

Fact-Check: Social media users have falsely claimed that a new currency was unveiled at BRICS in order to reject the US Dollar.

He also recalled that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.