Surgical strike on black money: Key points of PM Narendra Modi's announcements

NEW DELHI: Taking the nation by surprise, Prime Minister Narendra Modi tonight announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

Main points from PM Modi's speech:

1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9

2. New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10

3. ATMs will not work on November 9, and at some places on November 10 as well

4. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016

5. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof

6. Currency notes of Rs 1000 and Rs 500 will be just paper with no value

7. Banks will remain closed on 9th November

8. All banks and post offices will remain shut tomorrow

9. Cashless fund transfer won't be affected by this

10. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight

11. Some medical facilities will be exempted from this for the time being

12. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes