Once again PM Modi has shown how little he cares about ordinary people: Rahul Gandhi on currency ban

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.

Read: How to exchange banned Rs 500 and Rs 1000 notes: Frequently Asked Questions

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.

Read: Rs 500, Rs 1000 banned: What will banks do to make currency transaction smooth

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

#ModiFightsCorruption : A historic step to fight corruption, black money and terrorism:PM @narendramodi pic.twitter.com/F20ut8YQIy

— News Nation (@NewsNationTV) November 9, 2016

#WATCH: Passenger at Patna railway station, unable to buy a ticket, shares ordeal due to scrapping of Rs 1000 notes pic.twitter.com/Bs0WtDekwG

— ANI (@ANI_news) November 9, 2016

#WATCH: Panic among public as Govt scraps Rs 500 and Rs 1000 notes, people face problems as they visit medical stores in Lucknow. pic.twitter.com/l4LO1NUYsH

— ANI UP (@ANINewsUP) November 9, 2016

#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