To fight black money, corruption and terrorism, PM Modi zeroes Rs. 500 and Rs. 1000 notes

From the beginning of November 9, 2016, currency notes of 500 and 1000 will not hold any value as announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening.
He also said that the move aims to fight against the effects being caused by fake money, black money, corruption and terrorism on the country's economy.
Brand new notes of Rs. 500 and Rs. 2000 will be released and circulated soon in place of the rejected ones.
Moreover to add into the existing problems to deal with, news which broke is that the ATMs will not work on November 9 and in some parts even on November 10. Banks too will be closed for public business on November 9, in order to tackle the rush of people, who might want to deposit their notes, whereas the cashless fund transfers will remain unaffected.
As per PM Modi's decision, Hospitals, airports, crematoriums, railway reservation counters and petrol pumps will continue to accept the notes for 72 hours, i.e. till the end of November 11.
He said, "Your money is yours. You will not lose anything. The government will ensure that."
He further added, "We should be able to make the sacrifice of adjusting to such a move in national interest, as it aims to tackle the evils of corruption, black money, fake currency and terrorism...Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted."