US banks close rupee exchanges after ₹500, ₹1,000 note scrap
Following the demonetisation of old ₹500 and ₹1,000 notes, some of USA's biggest banks including JPMorgan Chase and Citigroup have been unable to exchange Indian rupees for their clients. This comes after vendors, who provide Indian rupees to the banks, made the bills unavailable. Notably, demonetisation has invalidated 86% of the total Indian currency in circulation.