Rs 500 and Rs 1000 notes will be illegal from midnight : PM Narendra Modi 

Prime Minister Narendra Modi who addressed the country today has made an unexpected announcement.

From midnight Rs 500 and Rs 1000 notes will be illegal. Citizens have 50 days from Nov 10 to return notes at banks, post offices.

Narendra Modi has said that 1.25 lakh crores of black money has been recovered from the country. We need to take a new solid step to fight black money. From now on, Rs 500 and Rs 1000 notes will not be used, said the Prime Minister.

On November 9 and in some places on November 10, ATMs will not work in the country.

Government hospitals will accept old Rs 500 and 1000 notes till 11 November midnight. Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.

Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

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

Notes of Rs 2000 and Rs 500 will be circulated soon. Reserve Bank of India (RBI) has decided to limit the notes with higher value