Twitter was abuzz with jokes after Prime Minister Narendra Modi announced the withdrawl of all Rs 500 and Rs 1,000 banknotes in circulation last night.
Noted author Chetan Bhagat tweeted, "Ladies and Gentlemen, cash, is the new trash".
"Vijay Mallya called SBI: I am ready to return all my debts but only in cash of 500 and 1000 notes," Givind Mishra, a twitter user said.
Another user said, "Rs 500 and Rs 1000 notes are now banned. It's time we guys buy handbags instead of wallets".
"People are still waiting for Modiji to say that "this Rs 500 and Rs 1000 thing was a prank and subscribe to my new YouTube channel," Geetam Srivastava tweeted.
Ritika Nathani said, "The smog in Delhi is due to people who burnt their #BlackMoney after old Rs 500 and Rs 1000 notes were banned by Modi Ji".
"First time in the history of Indian politics...all parties are united for one common cause...Counting 500 & 1000 notes #BlackMoney," said another tweet.
Images of Rs 500 and Rs 1000 notes being used as hand tissues, toilet paper and cattle fodder also went viral on social media where users also poked fun at how traffic police will deal with violators who will pay fine with Rs 500 and Rs 1000 notes.