Indian Prime Minister Narendra Modi stole America's (election) thunder today by scrapping 500 and 1,000 rupee bank notes.
Modi, who became Prime Minister in 2014, took the extreme step of scrapping the high denomination notes to tackle corruption in the country.
"Black money and corruption are the biggest obstacles in eradicating poverty," he said.
"On one hand, we are number one in economic growth and on the other we are ranked 100 in global corruption rankings," he said. "Despite various steps, we have improved only to 76."
New 500 and 2,000 rupee denomination notes will be issued to replace the scrapped notes and banks have been told to exchange existing notes over the next 50 days.
Modi reassured Indians that they will not lose money as a result of his bold step.
"There is no need for panic. Your money will remain yours. You need not worry on this point," he said.
People flocked to jewellery shops last night to buy gold after news of the notes being scrapped broke.
Vadodara: People throng jewellery shops to buy gold after Govt scrapped currency notes of Rs 1000 & Rs 500 (live pictures) pic.twitter.com/A9BFePt4VW
— ANI (@ANI) November 8, 2016
Meanwhile, Twitter went into a tizzy, thanks to the move – sample some of the funniest tweets about the move below:
Rs500 Crore Blockbuster pic.twitter.com/N4rAhbaHjB
— All India Bakchod (@AllIndiaBakchod) 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
Received on Whatsapp pic.twitter.com/79UsGJmVVc
— Shivam Vij 🇮🇳 (@DilliDurAst) November 8, 2016
Notes that are going back to where they were made :
1. 500 Rupees Note
2. 1000 Rupees Notes
3. Samsung Galaxy Notes
— Sagar (@sagarcasm) November 8, 2016