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Currency note ban: Markets open with heavy loss, Sensex tanks 1500 points, Nifty down by 500
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The government surprised the nation on Tuesday by making Rs 500 and Rs 1,000 bank notes illegal from midnight.
In a televised address, Prime Minister Narendra Modi announced that these high denomination notes will cease to be legal tender.
Modi also announced a slew of measures for the smooth transition of the unprecedented currency overhaul.
The monetary authority Reserve Bank of India (RBI) too posted a 25-point detailed Frequently Asked Questions or FAQs explaining the rationale behind the move along with the process to exchange banned currency for valid notes.
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