Rupee rage mounts in India

Hundreds of thousands of people stood outside banks for a third day for long hours trying to replace 500- and 1,000-rupee banknotes that were abolished earlier in the week.

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There were also reports of people with large stashes of undocumented cash offering up to double the market rate for gold just to get rid of their bills.

The government has begun issuing new 2,000-rupee banknotes, said to be much more difficult to counterfeit than their predecessors, but the supply is far short of the huge demand. Redesigned 500-rupee notes are also in the pipeline.

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"There is chaos everywhere," said Delhi Chief Minister Arvind Kejrilwal and a bitter foe of Prime Minister Narendra Modi. He said Modi's move had upended the lives of the poor and working while the rich -- whose wealth he had sought to target -- had found loopholes to get around the new rules... "He has made a terrible mistake."

Nearly half of India's 202,000 ATMs were shut on Friday and those that operated quickly ran out of the new notes as scores of people descended upon them.