Woman, who sold land for Rs 50 lakh, commits suicide after Rs 500, Rs 1000 notes scrapped

The incident happened in Telangana after she was told the currencies have no value now
RS 500 note

In a shocking incident, a 55-year-old woman who sold land for Rs 50 lakh reportedly committed suicide in Mahbubabad in Telangana after she was told that the government has demonetised Rs 500 and Rs 1000 notes and that the money she got in return for her land had zero value.

According to the reports, she had recently sold 12 acres of land for the treatment of her husband. Mahbubabad Collector said the woman was illiterate and left no suicide note.

The Narendra Modi government recently demonetised the high value currency notes in a bid to curb black money. The Centre declared that Rs 500 and Rs 1,000 would not be legal tender any more from midnight on Wednesday.

However, government said the people can deposit or the exchange the currencies in any banks or post offices across the country within a period of 50 days.

Meanwhile, reports said people are converting Rs 1,000 and Rs 500 currency notes to smaller denominations after paying commission as ATMs across the country remain closed for second consecutive day.

In Noida, the agents are charging as much as Rs. 200 to convert a Rs. 500 currency note and police haven’t take any action since they have not received any complaint, The Hindu reported.

Another report on Telugu news site eenadu.net also said  few people in Hyderabad made a quick fortune by exchanging Rs 500 and Rs 1,000 for smaller notes.