On Wednesday, India demonetised ₹500 (about US$7.50) and ₹1000 notes, announced as a measure to fight corruption, fake notes, and black money. Prime Minister <name>Narendra Modi</name> addressed the Indian citizens late Tuesday, and said 500 and 1000 rupee notes would cease to be legal tender at midnight.

To minimise possible difficulties to citizens, transactions using old 500 and 1000 rupee notes were accepted at government hospitals, railway ticket bookings, government buses, and airports. The notes were also accepted at public-sector petrol-pumps, government-authorised consumer co-operative stores, milk booths authorised by State governments, and cremation grounds till Friday midnight. These shops were obliged to have a record of their stocks and sales.

Old Five hundred and 1000 rupee notes could can be exchanged in banks, head and sub post offices from November 10 till December 30

In his announcement, <name>Modi</name> said, "For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhar card, voter's card, ration card, passport, income tax PAN card number or other approved proofs and exchange your old 500 or thousand rupee notes for new notes."

<name>Modi</name> also announced those who failed to change their currency till December 30 can exchange the notes at Reserve Bank of India (RBI)'s office along with a declaration form till March 31. The notes can be exchanged till December 30 at any branch of any bank across India.

By Saturday, Finance Minister <name>Arun Jaitley</name> said demonetised money equivalent to almost US$30 billion was deposited in banks across India. According to estimate, the old notes accounted for 85% of the total money in circulation. New 500 rupee and 2000 rupee notes are to be issued. <name>Modi</name> said RBI would exercise caution from past experience and limit the circulation of large-value notes.

International tourists could purchase up to 5000 rupees using the old notes at airport exchanges till Friday.