On 8 November 2016, in a sudden address to the nation, the Prime Minister Narendra Modi announced that banknotes of ₹500 and ₹1000 would cease to be legal tender from midnight. He said this decision was taken to crack down on black money and corruption which was destroying the country. He also said that the process of cash circulation was directly related to corruption in his country impacting the lower classes of society. However, neither Indian banks, nor the Reserve Bank of India (RBI) were adequately prepared for this, resulting in currency shortages up to March 2018 and difficulties for Indian citizens.