Black money clean-up: Rs 1000, Rs 500 notes scrapped from today

In an surprise address to the nation today Prime Minister Narendra Modi announced that currencies with denomination of Rs 1000 and Rs 500 will not be legal tender from midnight tonight. Prime Minister also said that hospitals will be allowed to take currencies of these denominations till November 11.

Prime Minister said these notes can be exchanged in banks and post offices from November 10 to December 30.

In his opening remarks, PM Modi said blackmoney to the tune of Rs 1.25 lakh crore has been unearthed during last two-and-a-half years. Prime Minister also said that banks will be closed on November 9. ATMs will also remain closed on November 9 and November 10 at some places.

"Govt will issue new currency notes of Rs 500 and Rs 2000 denominations," PM Modi added.