The government surprised the nation on Tuesday by making Rs 500 and Rs 1,000 bank notes illegal from midnight.
In a televised address, Prime Minister Narendra Modi announced that these high denomination notes will cease to be legal tender.
Modi also announced a slew of measures for the smooth transition of the unprecedented currency overhaul.
The monetary authority Reserve Bank of India (RBI) too posted a 25-point detailed Frequently Asked Questions or FAQs explaining the rationale behind the move along with the process to exchange banned currency for valid notes.
Here are the live updates:
#One Q for the PM: How is replacing 1000 rs notes with 2000 rs notes going to make black money hoarding a lot harder? :Rahul Gandhi
#While the real culprits sit tight on their black money stashed away abroad or in bullion/ real estate.Well done Mr Modi: Rahul Gandhi
#Once again MrModi shows hw little he cares abt ordinary ppl-farmers,small shopkeepers,housewives-all thrown into utter chaos: Rahul Gandhi
#There should be no panic and chaos situations should be avoided, We should all work together to make it a success: Dharmendra Pradhan
#Every petrol pump will accept notes of Rs 1000 & Rs 500 till 11 Nov, I appeal all to kindly coordinate: Union Minister Dharmendra Pradhan
#It pays to be honest, those having black money are worried: Fin Min
#Finance Minister Arun Jaitley clarifies all on Currency Ban in TV interview
#Pak prints Indian currency more than they print their own, this currency ban by PM Modi will curb terror funding: Nirmal Singh, J&K Dep CM
#We support the decision taken by PM Modi and appeal entire country to participate in this initiative: Union Minister, Ravi Shankar Prasad
#There will be some difficulty that people will face initially, but govt has adopted proper measures to help them: Ashok Lavasa, Finance Secy
#People need money to make big transactions, that is why Rs 2000 note is introduced: Ashok Lavasa, Finance Secretary
#The intention is to curb black money, market would have reacted to any development in same manner, so lets wait: Ashok Lavasa, Finance Secy
#Petrol pumps shut down in parts of Lucknow in UP as tjhousands attempt to spend banned currency by filling vehicle tanks
#Massive jam in Gurgaon at toll gates as people try to use banned currency notes to get back home
#We appreciate the initiative taken by Modi govt for scrapping the currency notes of Rs 1000 & Rs 500: Bihar CM Nitish Kumar (Watch full byte here)
#Sharemarket tumble is unrelated to currency ban, market work is cashless: Ashish Chouhan, MD & CEO BSE
Mumbai (Visuals from Dalal street): Sensex down by 1040.94 points now, currently at 26550.20. Nifty at 8209.8 (Source: ANI) pic.twitter.com/oZgEYhumha— News Nation (@NewsNationTV) November 9, 2016
#Markets open, Sensex down over 1500 points and Nifty down over 500 points
#Indian markets open with heavy loss, Sensex tanks 1300 points
#This demonetisation is attempted as a gimmick to divert attention from serious social and political failures of this govt in past 2.5 years. Complete #Jumlanomics: CPI (M) general secretary Sitaram Yechury
#Not well thought out, needs to be withdrawn quickly in the next few hours or days: TMC's Derek O'Brien on scrapping of Rs 500 and 1000 notes
# Now instead of bringing back money from illegal accounts abroad, this is putting the common man under pressure :TMC's Derek O'Brien