Indian prime minister defends currency swap as 'fight to end corruption'

MUMBAI, Nov. 14 (UPI) -- Indian Prime Minister Narendra Modi spent Sunday defending his surprise decision to ban the most-used currency in the country in an effort to eliminate counterfeit cash and corruption.

Modi defended the decision as part of what he called his election mandate to end corruption, asking his constituents to be patient and that the cash swap will be completed by the end of the year.

The decision has caused chaos across the country as people stand in long lines at banks waiting to exchange old 500-rupee and 1,000-rupee notes so they can complete basic tasks like grocery shopping. The notes can also be changed at ATMs, however the machines have run out of cash quickly and have had to be converted to handle the new money.

Modi said the change will be completed by Dec. 30 and encouraged Indians to trust that it will stop the circulation of counterfeit and black market currency.

"This is a fight to end corruption and dishonesty," Modi said at a gathering for his birthday in Uttar Pradesh. "It might take time and cause some hardships. It is a big task to introduce new notes. I have sought 50 days and all these processes will be completed by Dec. 30. Bank staffers are working day and night to help us realize this. I have asked you to bear the little discomfort for 50 days for the interest of the poor."

As of Sunday, about $45 billion in banned cash had been deposited in banks, and banks and ATMs had given out about $7.5 billion in new cash since last Tuesday when the plan was suddenly sprung on the country.

While citizens are frustrated, some say that if changing their money will help root out and stop fake money and corruption, they're willing to give Modi a chance and stand in line for hours.

"I am willing to handle all of this if this will really reduce corruption," Tanvir Sheikh, a hairdresser in Mumbai, told The New York Times.