A farewell to 500s and 1000s

Prime Minister Narendra Modi, in a surprise announcement on Tuesday, said his government has decided to do away with Rs 500 and Rs 1000 banknotes in an effort to curb the menace of black money in India. What followed was a bit of chaos, with people rushing to ATMs, cash deposit machines and petrol bunks in search of lower denominations.

Prime Minister Narendra Modi, in a surprise announcement on Tuesday, said his government has decided to do away with Rs 500 and Rs 1000 banknotes in an effort to curb the menace of black money in India. What followed was a bit of chaos, with people rushing to ATMs, cash deposit machines and petrol bunks in search of lower denominations.

In his address to the nation, Prime Minister Narendra Modi on Tuesday said the government has decided to discard the use of Rs 500 and Rs 1000 notes to curb black money.

Anxious Hyderabadis await their turn to withdraw money from ATMs soon after Prime Minister Narendra Modi said the government has decided to discard the use of Rs 500 and Rs 1000 notes to curb black money. Photo: Mohammed Yousuf

A crowd queues up at an ATM in Chennai moments after a government declaration to make void the legal tender of Rs 500 and Rs 1000 notes. Photo: K.V. Srinivasan

A man counts his Rs 100 notes after withdrawing from a Bengaluru ATM on Tuesday. Photo : Sudhakara Jain

People rush to an ATM at Khatghar, Navi Mumbai to withdraw money after the government decided to end the use of Rs 500 and Rs 1000 currency notes to curb the black money menace. Photo:Yogesh Mhatre

Lengthy queues form at cash deposit machines of the State Bank of India, Dwarakanagar in Visakhapatnam late on Tuesday evening following the Narendra Modi Government decision to cancel legal tender of Rs.500 and Rs.1000 notes. Photo:C.V.Subrahmanyam.

The scene at an ATM outlet in Ahmedabad late on Tuesday after government announcement to do away with Rs. 500 and Rs.1000 notes. Photo:Vijay Soneji

Vijayawada saw heavy rush of people at ATM centres in on Tuesday evening following the announcement of withdrawal of higher denomination currency notes. Photo: V. Raju

A rush at a Bengaluru ATM on Tuesday night. Photo : V Sreenivasa Murthy

People line up at an ATM on Wallajah Road in Chennai. Photo: Shaju John

The suddern announcement by Prime Minister Modi to stop the use of Rs.1000 and Rs. 500 bank notes to curb money caused a sudden spurt of people at petrol bunks too. Here, a scene on Tuesday night at the Bharat Petroleum station on Anna Salai. Photo: M. Karunakaran

Police steps in at a Matunga petrol station as people rush to exchange Rs 500 and Rs 1000 currency notes which were declared void as of Tuesday midnight. Photo: Rajneeesh Londhe