A woman who feared she would be left broke after hearing 500 and 1,000 rupee notes were being withdrawn from circulation in India has killed herself, police have said.

Kandukuri Vinoda, 55, had a large amount of the high denomination notes at home and apparently panicked, thinking her savings had become worthless.

Ms Vinoda, from Mahabubabad district, east of Hyderabad city, had been paid around 5.5 million rupees (£65,000) in cash after selling land last month.

The country's prime minister Narendra Modi announced on Tuesday that the 500 (£6) and 1,000 (£12) rupee notes were being pulled nationwide in a crackdown on "black money".

It has also caused chaos at banks, with long queues forming and arguments breaking out.

Thousands of police were called to help control the situation.

People tried to swap the worthless cash for smaller bills or new 2,000 rupee notes being rushed into circulation, and ATMs were shut.

The price of fresh fruit and vegetables dropped sharply as people ran out of cash, and vendors were unable to give change to those who did.

The government has told hospitals and petrol stations to accept the old money for a few more days.

Meanwhile, police in Uttar Pradesh state said they were investigating reports people were burning sacks of the defunct notes so they did not have to declare them, thus avoiding heavy penalties.

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'Panicked' woman kills herself over rupee bank note ban in India(http://news.sky.com/story/panicked-woman-kills-herself-over-rupee-bank-note-ban-in-india-10652636)