Withdrawing old higher currency notes from circulation is an masterstroke from Prime Minister Modi for which he deserves applause for this bold and out of the box thinking, more so when he will be criticised from his own political colleagues who everybody knows has lot of unaccounted wealth. This is definitely short term pain for the economy but a move which was necessary for a cleaner and stronger currency in the long run.
Citizens should not panic as money only goes out of circulation but can be deposited in banks if it is hard earned and accounted for in your books. We are moving towards a cashless or plastic money overnight and this augurs well for the economy and no need to keep cash at home which means you are safe as far as security issues are concerned.
(The views expressed by the author in the article are his/her own.)