From midnight now the central government has banned ₹500 and ₹1000 notes. It wont be accepted as legal tender notice from tomorrow. Only Hospitals and Travels, Gas, CNG Petrol, crematoriums who are authorised by government will only accept these notes from tonight. The notes can be deposited in banks and exchanged upto Rs. 4000 limit upon producing govt. issued identity. There is no restriction on electronic funds transfer.
The government kept it secret from financial institutions and government institutions. Touted as biggest move since indpendence will kill all the black money from the market.