By SIMON CONSTABLE
While Americans were going to the polls in November something big happened in India. It has presented an unexpected buying opportunity for nimble investors who don't mind taking on some additional risk.
Without warning on Nov. 8, India's Prime Minister Narendra Modi announced that the existing large denomination rupee bills would be scrapped. The idea was to help eradicate the endemic corruption that plagues the country.
Anyone holding such currency would need to swap the notes for new ones, and if they were exchanging more than a small amount of cash the owners of the currency would pay a tax to the government. Read more here.
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