In a surprise announcement on Tuesday evening, Prime Minister Narendra Modi declared that Rs 500 and Rs 1,000 notes will be scrapped. Cracking down hard on black money and corruption, Modi announced that starting from 8 November midnight, these notes will become invalid.
Also Read: Rs 500, 1,000 Currency Notes Scrapped, Rs 2,000 Note Introduced
Here are seven key things you need to know: