Rs 500 and Rs 1000 notes cease to be legal tender from midnight: PM Modi

• HT Correspondent, Hindustan Times, New Delhi
 |  
• Updated: Nov 08, 2016 20:41 IST

PM Narendra Modi in his address to the nation on Tuesday evening. (PTI file photo)

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Rs 500 and Rs 1000 notes will cease to be legal tender from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation.

Here are highlights from his speech:

- From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.

- The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.

- Those who can’t sumbit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.

- On November 9 and in some places November 10, ATMs will not work.

- For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.

- RBI’s proposal for new Rs 2000 note has been accepted.

- On November 9, all banks will remain closed for public work.

- This government is committed to the poor: PM Narendra Modi in address to the nation.

- In spite of 2 years of continuous drought, in the last two-and-half years, india has made its presence felt in global economy.

- We are among fastest-growing economies, but we also rank high in global corruption rankings

- Black money and corruption has taken roots in the country, these are the biggest obstacles in eradicating poverty.

- India’s common citizens live their lives honestly. But black money, corruption make the nation hollow from inside.

- In the last two-and-half years, at least Rs 1.25 lakh crore worth black money has been recovered.