In a surprise move, Prime Minister Narendra Modi today announced demonitisation of Rs 500 and Rs 1000 notes from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his address, PM Modi said that people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from 10 November till 30 December.
He also said that the notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."
However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
Following the PM's address, RBI Governor Urjit Patel and Secretary, Department of Economic Affairs Shaktikanta Das also addressed the media, here's what they said: