Narendra Modi scraps Rs 500 Rs 1000 notes wef 12am tonight/ Twitter Narendra Modi scraps Rs 500 Rs 1000 notes wef 12am tonight/ Twitter

In what can be seen as an unprecedented move by Prime Minister Narendra Modi, during a special address to the nation, he announced that currency notes of Rs 500 and Rs 1,000 denominations will be illegal starting 12 midnight on November 8. That is not even four hours after the surprising announcement was made.

“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said.

The move comes as a strike against the hoarding of black money. “A few people are spreading corruption for their own benefit,” he said, adding that “corruption and black money is (sic) something we have fought for immediately after assuming office…There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.” It was then that he announced that the Rs 500 and Rs 1,000 notes will be deemed illegal starting midnight.

The news comes days after Twitter was buzzing with photos of bundles of currency notes of Rs 2,000 that were being shared with the idea that the Reserve Bank of India might be issuing them into the market soon. Well, now the wait for those notes – and new Rs 500 ones – is almost painful.

The announcement was met with immediate shock and confusion across social media, with people tweeting out their confusion at the sudden step. Most people wanted to know why this step was take, while others lauded the PM’s effort to counter black money hoarding and corruption. Some even proposed ‘auctioning’ their ‘rare collectors Rs 500 note from 2016 AD Modi era for Rs 10,000’.

True to Twitterati’s nature, memes and quips and jokes started flying. Sample some of them here.

(Source: WhatsApp) (Source: WhatsApp)

(Source: WhatsApp) (Source: WhatsApp)

Future of Rs. 500 and Rs. 1000 notes if not exchanged by Dec 30.#BlackMoney#IndiaSaysNoToCorruption pic.twitter.com/isTG4xaILY — Mohammad Kaif (@MohammadKaif) November 8, 2016

Meanwhile new uses of old currency notes of Rs 500 and Rs 1000 . (Via @paulABCHN ) pic.twitter.com/pRwqFWRC5b — Tinu Cherian Abraham (@tinucherian) November 8, 2016

Eeeek….Got crisp 1000 rup notes from the teller at the bank this morning!!! — Nirupama Subramanian (@tallstories) November 8, 2016

Some initial reactions to Modi’s decision to abolish Rs 500 and Rs 1000 notes pic.twitter.com/YwBN3e5rCJ — The UnReal Times (@TheUnRealTimes) November 8, 2016

2 mins silence for all builders & other business men who gave him money for the most expensive election ever. Enjoy! Rs 500 and Rs 1000 — Tehseen Poonawalla (@tehseenp) November 8, 2016

No journo had idea about Modi’s address. No sources had idea about decision on Rs 500 and Rs 1000.. THIS IS TRULY EMERGENCY LIKE SITUATIONS. — Paresh Rawal fa? (@Babu_Bhaiyaa) November 8, 2016

Exclusive pics of Black Money hoarders after Govt. banned Rs 500 and Rs 1000 currency notes. pic.twitter.com/byvtmSMVND — ??? ??? (@WoCharLog) November 8, 2016

PM #Modi was just miffed that we were all were so transfixed by #USElections2016. :) — Rajkrishnan Menon (@RajkrisMenon) November 8, 2016

A Scene right out of @shankarshanmugh & @superstarrajini #Sivaji Is now a Reality !! Rs 500 and Rs 1000 ! pic.twitter.com/fnyWPbcWzP — SS Music (@SSMusicTweet) November 8, 2016

Other people: Rs 500 and Rs 1000 notes will be illegal from midnight. What will we do!? Me & my crumpled Rs 10 notes: It’s our time now. — Paloma Sharma (@PalomaSharma) November 8, 2016

See what else is going Viral

500 and 1000 notes banned in India. Sharad Pawar devastated. — Sagar (@sagarcasm) November 8, 2016

I am selling this rare collectors Rs 500 note from 2016 AD Modi era for Rs 10,000. Anyone interested please contact. Pls RT. pic.twitter.com/zTcXN3527y — Kabir Taneja (@KabirTaneja) November 8, 2016

Modi trumps black money? — Manish Pant (@manishpant) November 8, 2016

Rs 500 And Rs 1000/- Notes Are Illegal From Tonight As Announced By PM Narendra Modi. Brilliant & Bold Move To Curb Corruption. That’s 56″ — Sir Ravindra Jadeja (@SirJadeja) November 8, 2016

Surgical Strike on Black Money ! Prime Minister Modi says Rs 500 and Rs 1000 notes to be banned from midnight ! — Anjana Om Kashyap (@anjanaomkashyap) November 8, 2016

Effective midnight November 08, 2016, the currency notes of Rs. 500 and Rs. 1000 stand invalid and illegal. What an #idea sirji ? — manishbpl (@manishbpl1) November 8, 2016

Rs 500 and Rs 1000 is banned from midnight to recover #Blackmoney

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Black Money chhodo jo bachi kuchi money thi wo bhi invalid ho gayi.😥 — Sir Rohit Sharma (@imWrong45) November 8, 2016

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