Why have the ₹1000 and ₹500 currency notes been invalidated?
PM Modi announced demonetization of ₹1000 and ₹500 currency notes with effect from November 8 midnight, as a measure against black money, fake currency, and corruption. PM Modi added counterfeit currency was being used as a means to finance terror activities against India. The step is being seen as an attempt to fulfill Modi's election promise of curbing tax evasion.