Secretary of Department of Economic Affairs Shaktikanta Das displaying the specimen copy of the new Rs 500 currency note. (Photo: @PIB_India)
In a surprise move aimed at clamping down on black money as well as counterfeit notes in circulation, Prime Minister Narendra Modi on Tuesday announced that currency notes of Rs 500 and Rs 1,000 denomination that are currently in circulation will no longer be legal money and cannot be used as medium of exchange from Tuesday midnight.
In place of the now discontinued currency notes, the Reserve Bank of India will issue new Rs 500 and Rs 2,000 currency notes.
Here is how the Modi government has explained the move in 8 graphics: