Tata Sons, the majority shareholder of TCS, has replaced Cyrus Mistry with Ishaat Hussain as interim Chairman of TCS. Hussain interestingly was one of two board members who did not vote for Mistry's ouster, choosing instead to abstain.  TCS and JLR are two of the most successful Tata firms - the dividends from these two firms fund the rest of the Tata group. A board meeting was not required in this particular case as since the Articles of Association allow the majority shareholder to nominate a Chairman. However, displacing Mistry from the other company boards as Chairman - particularly India Hotels and Tata Motors - will not be so easy. 

Banks are accepting old Rs. 500 and 1000 notes today, with deposits above Rs. 2.5 lakh inviting scrutiny and potential tax evasion penalties of 300% in case of income mismatch. Wallet providers, sensing an opportunity, have been taking out full-page ads in newspapers encouraging readers to add money to digital wallets. Paytm has seen a 200% jump in app downloads since the announcement. The grey market and hawala traders have also jumped in on the opportunity according to sources, offering to trade invalid black money notes for gold - at a charge of 30% of the amount. 

Stock in spotlight: Tata Steel, which leads the top gainer screener today morning. Tata Steel called a board meeting yesterday about investor concerns - the company has been facing a mounting deficit and yesterday discussed closing Tata Steel UK's 15 billion pound british pension scheme to help plug its deficit. 

Photo of the day: New notes that will be issued by the RBI, with new Governor Urjit Patel's signature. The notes will carry pictures of Gandhi and the Red Fort. The Finance Minister also announced that new Rs. 1000 notes will be issued. Source: RBI