Indian megastar Amitabh Bachchan became the first Bollywood celebrity to react on the major announcement made by PM Narendra Modi on black money and corruption. He took to Twitter to talk about the new pink notes of Rs 2000 in the market and called it a ‘pink effect.’

In a sudden night address to the nation, PM Modi announced that Rs 500 and Rs 1,000 currency notes will cease to be legal tender from midnight Tuesday. The Prime Minister said in a nationally televised address that all the 500 and 1,000 denomination notes can be deposited in banks and post offices from November 10 till December 30.

Talking about the development, RBI Deputy Governor R. Gandhi on Tuesday said that there were 16.5 billion units of Rs 500 notes in circulation, while the number for Rs 1,000 notes was 6.7 billion.

Gandhi said this during a press conference after Prime Minister Narendra Modi announced in a televised address that Rs 500 and Rs 1,000 notes would cease to be legal tender from midnight.

While the nation is set to welcome the new announcement, common men seem clueless about this major development.

Also read: Rs 1000, 500 notes no more legal tender, but don’t panic. Your money will be yours

Kerala residents had mixed reactions to the unexpected announcement by Prime Minister Narendra Modi that Rs 500 and Rs 1,000 currency notes will cease to be legal tender from midnight Tuesday, with most calling a “big problem” for common man.

Long queues have started to build up in front of ATMs.

“This is just going to be a big problem for people,” said a middle-aged man waiting in front of the ATM in the state capital to withdraw money.

My god, what’s going to be the impact can be seen from tomorrow onwards when there will be unending queues in front of the banks and post offices. I do not have any unaccounted or such money… all what I have is my hard-earned money and now its going to be a pain to get changed the few notes that have now been withdrawn,” said Bessy John, a housewife in Kerala.

Former Indian Ambassador to Slovenia and Austria, T.P.Sreenivasan said the only such thing that he can recall of such a thing happening is in Myanmar and it appeared to have had an impact there.

Also read: RBI agrees with Modi govt ending old currency notes, here are the key highlights

State Bank of India chief general manager S. Adikeshen said that this is a move against corruption.

“The message is loud and clear that this is to fight corruption. In everyday life we always hear of statements being made by people when they buy a house about that they have paid this much in white and this much in black,” he said.

Former Kerala legislator and bureaucrat AK.J.Alphonse, now a Bharatiya Janata Party national executive member, welcomed the decision.

“This is a blow to those who have unaccounted money and this must be seen along with the decision that was taken before to disclose unaccounted money,” he said.

Also read: 10 important highlights of PM Narendra Modi’s live address to the nation on black money & corruption

with inputs from IANS