The Indian Prime Minister announced today that the INR 500 and INR 1,000 denomination will cease to be legal tender tonight at midnight.
All other denominations remain valid and new notes of INR 2,000 and INR 500 will be introduced shortly. The invalid notes can be deposited at any bank branch or post office until 30 December. They will then be accepted at designated branches of the Reserve Bank of India with proof of identity and a declaration form.
Banks and ATMs will be closed tomorrow. ATM withdrawals will then be limited to INR 2,000 per day for a week.
Critical services, including hospitals, trains and airlines, will continue to accept the banknotes for 72 hours.
According to the Prime Minister, the move is aimed at tackling corruption, tax evasion and terrorism.
The text of the Prime Minister's address is available here