Farmer commits suicide after note ban

  • ASEAN+
  • Friday, 11 Nov 2016

Prime Minister Narendra Modi had on Nov 8 banned 500 and 1,000 rupee ($7.30-$14.60) banknotes, which accounted for 86 percent of currency in circulation.

New Delhi: A farmer in southern India committed suicide fearing she would be left penniless after the government’s shock decision to withdraw high denomination notes from circulation, police said.

Kandukuri Vinoda, 55, had a large amount of cash at her home in 1,000 and 500 rupee (US$15 and US$7.50) notes and panicked that her savings had become worthless when she heard Prime Minister Narendra Modi’s surprise announcement on Tuesday.

“The family told us she panicked after hearing about the note ban and hanged herself at her home,” local police officer Raj, who only uses one name, said.

Vinoda from Mahabubabad district, Hyderabad, had sold some land last month and was paid around 5.5 million rupees (US$82,500 or RM 348,800) for it in cash.

She used some of the money to pay for her husband’s medical bills and planned to use the rest to buy a new plot of land, local media reported.

Many rural Indians keep large amounts of cash at home due to a lack of banks in remote areas and to avoid paying taxes. — AFP

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