Image copyright AFP Image caption Newspapers described serpentine queues at ATMs 
 
 Indian Finance Minister Arun Jaitley says "honest people" have no need to worry about a decision to scrap 1,000 and 500 rupee notes. 
 
 Mr Jaitley said the move would flush out tax evaders, adding that all old notes deposited in banks would be subjected to tax laws. 
 
 The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings. 
 
 The announcement was met with shock in India. 
 
 Media described the move variously as a "surgical strike" on tax evaders in the country's overwhelmingly cash-based economy and a "big bang note". The banknotes declared illegal tender represent 85% of cash in circulation in India. 
 
 Mr Jaitley said that the move would also help India move towards a cashless economy, saying that farmers could "now keep their money in banks". 
 
 He added that new 2,000 (about $30; £15) and 500 rupee denomination notes to replace those removed from circulation would be injected into the economy over the next "three to four weeks". 
 
 On Tuesday there were long queues at ATMs as people tried to withdraw 100 rupee notes, which are still legal. 
 
 Banks and ATM machines were shut on Wednesday. 
 
 The most affected are likely to be small traders, vendors and labourers but newspapers were quick to point out that India's wedding season, due to start in a few days, will also be hit hard. 
 
 Media playback is unsupported on your device Media caption One woman says the unexpected change will make it tricky for her to pay to get to work 
 
 "Black money and corruption are the biggest obstacles in eradicating poverty," Prime Minister Narendra Modi said in his address to the nation on Tuesday evening. 
 
 He said the move would "cause some hardship" but asked people to "ignore" it, calling the step a "celebration of honesty". 
 
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 People will be able to exchange their old notes for new ones at banks over the next 50 days but they stopped being legal tender at midnight on Tuesday. There are also going to be limits on cash withdrawals from ATMs starting on Thursday. 
 
 The move is designed to lock out money that is unaccounted for - known as "black money" - which may have been acquired corruptly, or be being withheld from the tax authorities. 
 
 Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones. 
 
 How long have people got to change their old notes? 
 
 The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. People will be able to exchange their money at banks between 10 November and 30 December. 
 
 How much 'black money' is there in circulation? 
 
 The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency. 
 
 Is there a limit on the amount an individual or household can cash in? 
 
 It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash. 
 
 Image copyright Indian government Image caption The government has issued flyers explaining the changes 
 
 Government guidelines say it is possible to exchange 4,000 rupees - but it is not clear if this is per day or in total. If there is a legitimate explanation for the cash, the authorities say, it will be possible to exchange it. 
 
 Do you have 500 and 1,000 rupee bank notes that will need to be changed? Get in touch and email haveyoursay@bbc.co.uk. 
 
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 Read our terms and conditions. ||||| India has discontinued its two largest rupee notes in a shocking move against corruption. 
 
 Notes worth 500 and 1,000 rupees will be invalid starting at midnight local time, Prime Minister Narendra Modi announced during a televised address to the nation. 
 
 The unexpected move is designed to fight against corruption and money laundering, Modi said, calling them "diseases" and "obstacles" to the country's economic success. 
 
 Modi said that policy changes had largely failed to root out corruption. Two years ago, he said, India was ranked 100th in terms of global corruption perception, and the country has only improved to 76th. 
 
 Related: India's tax dodgers still hiding hundreds of billions 
 
 The idea is that Indians who have stockpiled undeclared income will now be forced to come out of the shadows. 
 
 "This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency," said Modi, who leads the ruling Bharatiya Janata Party. 
 
 Brilliant Move by @PMOIndia on Demonetisation of current Rs.500 and Rs.1000 notes. Biggest Crackdown on BlackMoney in any Nation's History — ashutosh mishra (@ashutos76653335) November 8, 2016 
 
 But the ban could also spark a mad scramble as ordinary Indians seek to exchange or deposit their cash. Modi said citizens have 50 days to deposit at banks and post offices. Hospitals will be allowed to accept the banned notes for another three days, until Nov. 11. 
 
 That transition will not be an easy task. The Reserve Bank of India (RBI) estimates that there are 16.5 billion 500 rupee notes and 6.7 billion 1000 rupee notes currently in circulation. ATMs will be shut on Nov. 9 and 10 to help implement the change. 
 
 Related: India's new central banker serves up surprise interest rate cut 
 
 The central bank is also preparing to issue a new series of 500 and 2,000 rupee notes, which are slated to enter circulation by Nov. 10. 
 
 Until then, the largest legal bill in circulation will be the 100 rupee note, which is worth only $1.50. 
 
 RBI issues ₹2000 note in new series pic.twitter.com/7Ob2j1t6Ab — ReserveBankOfIndia (@RBI) November 8, 2016 
 
 In a country where taxi drivers and shopkeepers are already reluctant to part with small bills, the sudden policy change could complicate business transactions in the short term. 
 
 Indian social media users widely praised the decision, calling it a "bold move." There were also, inevitably, plenty of jokes. 
 
 Two Minutes Of Silence For People Who Are Standing In Queue At ATMs Right Now, Having No Clue About The Ban On Rs 500 And Rs 1000 Notes. ;) — Sir Ravindra Jadeja (@SirJadeja) November 8, 2016 
 
 Don't worry folks.. winter is coming.. people with rs 500 and rs 1000 notes black money can burn it and stay warm.#IndiaAgainstCorruption — Shrinidhi (@_shrinidhi_) November 8, 2016 
 
 India is believed to have lost out on over $100 billion in uncollected tax, a large percentage of which is illegally stashed offshore. 
 
 Only 2% of Indians pay any income tax at all because most people work in the economy's informal sector that includes jobs such as construction laborers and road side food sellers. 
 
 Modi also touted the move as an anti-terrorism measure, saying that "enemies across the border have run their operations using fake currency notes," a reference to neighboring Pakistan. 
 
 "The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper," he said. ||||| Indian officials held up a sample of the new 2,000 INR note at a press conference in New Delhi, Nov. 8, 2016. 
 
 Indian officials held up a sample of the new 2,000 INR note at a press conference in New Delhi, Nov. 8, 2016. Photo: Agence France-Presse/Getty Images 
 
 India is to get new 500 and 2,000 rupee notes after Prime Minister Narendra Modi made a surprise announcement that the current largest denominations ceased to be legal tender from midnight early Wednesday. 
 
 The new notes will be known as the Mahatma Gandhi (New) Series of bank notes after the leader of the country's independence movement. 
 
 Samples of the notes show that both have an image of Gandhi on the front. 
 
 The new 500 rupee note has an image of New Delhi's Red Fort, a more-than 400-year-old UNESCO World Heritage site, on the reverse side and is "stone gray" in color, according to the RBI. 
 
 Modi Scraps Largest Indian Banknotes Indian Prime Minister Narendra Modi has moved to replace the country's largest-denomination banknotes in an effort to thwart counterfeiters and dredge up what could be billions of dollars stashed in the underground economy. Photo: AP Photo 
 
 RBI issues ₹500 notes in new series pic.twitter.com/C8rJXrBRZ9 — ReserveBankOfIndia (@RBI) November 8, 2016 
 
 On the reverse side of the magenta 2,000 rupee note, is an image of the Mangalyaan satellite, which India put into the orbit of Mars two years ago on a budget mission. 
 
 RBI issues ₹2000 note in new series pic.twitter.com/7Ob2j1t6Ab — ReserveBankOfIndia (@RBI) November 8, 2016 
 
 Both the notes will have raised print and lines on the left and right to help the visually impaired. 
 
 They also bear the "Swachh Bharat," or "Clean India" logo with its slogan in Hindi that means "one step towards cleanliness," promoting Mr. Modi's flagship project to build toilets and improve sanitation, as well as a host of security features. 
 
 For breaking news, features and analysis from India, follow WSJ India on Facebook.
– A surprise announcement out of India Tuesday night is being called by local media a "surgical strike" against currency corruption that's infiltrated the nation, the BBC reports. Per CNNMoney, India Prime Minister Narendra Modi announced that the country's two largest current bank notes—the 500-rupee note and 1,000-rupee note (equivalent to about $7.50 and $15, respectively), which equal about 85% of the cash currently moving around India—were taken out of circulation in their current incarnation as of midnight Tuesday, which the government hopes will lure people out of hiding who've been stockpiling money without paying taxes on it. The idea is to force them to swap the cash for legit replacement money at banks and post offices before the 50-day deadline for such trades arrives on Dec. 30. Experts say there's a preponderance of this so-called "black money" in India, and by drawing it all out in droves, banks will be able to send up a red flag if people come in with large amounts, possibly helping the government catch tax evaders. There are about 16.5 billion of the 500-rupee bills and 6.7 billion of the higher denomination now in circulation (ATMs will be shuttered Wednesday and Thursday so more notes won't be introduced into the flow). In place of the now-almost-worthless notes, the government will issue new 500- and 2,000-rupee notes with images of Gandhi on them, the Wall Street Journal reports.