Actually Indian government is not banning the highest denomination (₹500 and ₹1,000) paper notes. They are simply replacing the old notes with the new notes. And they have introduced the ₹2,000 banknote, which didn't existed earlier and news rumoured that there will be Nano GPS Chip in the note which will help tax department to track money through satellite.
Thank you for clearing things out,i really thought that they are getting rid of 500 and 1000. And it is a shocking news that theyre releasing a 2000 banknote with Nano GPS Chip. Maybe this time laundering of money and taxation will be implemented clearly.