In a surprise move and a major assault on black money, fake currency and corruption, Prime Minister Narendra Modi announced that Rs 1000 and Rs 500 notes will be demonetised with effect from Tuesday midnight making these notes invalid.
The move comes to tackle corruption and terrorism. The act by the PM was being applauded by many, however many people were panicking over the move.
Why were the notes banned?
Full report on the note banning: