Prime Minister Narendra Modi addressed the nation on Tuesday and announced that Rs 500 and Rs 1,000 denomination currency notes will be withdrawn from November 8 midnight. He said this was being done to tackle the menace of black money in the country, which has sapped the economy.

He also said that ATM withdrawals will be restricted to Rs 2,000 per day till November 11, when this limit may be increased slowly.

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The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days. Banks have also been ordered to remain shut on Wednesday, he said. Modi said that for medical patients, the old notes will be accepted.

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Soon after the announcement, Twitterati reacted on the announcement: