Govt Scraps Existing Rs 500 and Rs 1,000 Currency Notes, to Introduce Rs 2,000 Notes

Banks will open additional counters and work for additional hours to deal with the rush of people wanting to deposit or change notes.

Officials said there were 6.7 billion pieces of Rs 1,000 notes in circulation and 16.5 billion pieces of Rs 500.

In his address, first in Hindi and later in English, Modi, whose government had implemented two schemes for unearthing of black money both domestic and abroad, said Rs 1.25 lakh crore belonging to the "corrupt" people has already been brought out in the open.IN PICTURES: It's Chaos on the Road as Panicked People Queue up Outside ATMs

"There comes a time in the history of a country's development when a need is felt for a strong and decisive step," he said, asking political parties, all governments, social organisations and media to participate in the war against black money "with enthusiasm to make it a success".