20000-denominated notes are in, 100 goes!

New Delhi:The government has scrapped the 100 denomination currency note and has introduced a 20000-denomination currency note. The people are anxiously waiting at ATM to look at the new note. The lucky ones who got the new notes were shocked to see the number of zeroes on the new note.

Well we are talking about Venezuela. People stood in long ATM queues get the new 20,000-Bolivar note. President Nicolas Maduro had last month scrapped the circulation of the most-used 100-bolivar note, in a bid to stabilise the crisis-wrecked economy.

The 100-bolivar notes are being replaced with new bills ranging from 500 to 20,000 bolivars.

Residents in Caracas expressed shock at seeing bills with so many zeros.The triple-digit inflation has eroded purchasing power of the bolivar. Even the largest of the new bills is worth less than USD 6 in the black market. (News24Bureau)