A woman has committed suicide after fearing her savings had been wiped out after 500 and 1,000 rupee notes were withdrawn from circulation in India.

Kandukuri Vinoda, 55, reportedly had a large amount of the high denomination notes at her home in the Mahabubabad district, after being paid around 5.5 million rupees (£65,000) in cash after the sale of a plot of land last month.

She had used some of the money to pay for her husband's medical bills and had intended to buy a new plot with the remainder of the money.

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

Indian prime minister Narendra Modi announced on 8 November that 500 and 1000 rupee banknotes would be withdrawn from circulation at midnight in a crackdown on "black money" or counterfeit currency.

The move was prompted by concerns that large denominations were being used to finance terrorism, since the militants operating in India are thought to be using 500 rupee counterfeit banknotes to fund their activities.

The move has led to widespread protests, as people tried to exchange their now worthless notes for smaller bills, causing chaos at banks with police being called in a bid to restore order.

Financial institutions, the central bank, and the government have been appealing for calm and have reassured the public that the situation would return to normalcy in the coming days.

The Reserve Bank of India has urged people to be "patient" saying: "There is enough cash available with banks and all arrangements have been made to distribute the currency notes all over the country."


The Samaritans provides a free support service for those who need to talk to someone in the UK and Republic of Ireland. It can be contacted via Samaritans.org or by calling 116 123 (UK) or 116 123 (ROI), 24 hours a day, 365 days a year.

You can also call The National Suicide Prevention Lifeline 24/7 at 1-800-273-TALK (8255)