PM Narendra Modi's full speech during which he announced demonetisation - Watch

New Delhi: Prime Minister Narendra Modi in a surprise televised announcement on the evening of November 8, 2016 said that the 500 and 1,000 rupee notes would cease to be legal tender.

The notes will be replaced by new 500 and 2,000 rupee notes, Modi had added.

The announcement caused chaos, with huge queues forming at banks when they reopened after a short holiday.

While some advocate said that the scrapping of the banknotes will bring more money into the banking system and raise tax revenues, millions of Indians were furious at having to queue for hours outside banks to exchange or deposit their old money.

Check out the video of PM Modi’s address to the Nation on November 8, 2016.

The Reserve Bank, which had for long shied away from disclosing the actual number of junked currency deposited after November 8 last year, said in its Annual Report for 2016-17 in August that Rs 15.28 lakh crore of the junked currency had come back into the banking system, leaving only Rs 16,050 crore out.

As on November 8, 2016 there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 in circulation, totalling Rs 15.44 lakh crore.