Prime Minister Narendra Modi has announced that Rs. 500 and Rs. 1,000 currency notes are illegal as of midnight. Here is his speech in English.

Watch PM Modi speech on 500 and 1000 rupee note.

 

 

Live updates:

8.53 pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.

8:34 pm: This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.

8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

8:31 pm: Banks will be closed on November 9.

8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.

8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit

8:25 pm: There are, however, some exemptions. Government hospitals and international airports.

8:22 pm: The ATMs will not function till November 9, and in some places till November 10.

8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.

8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.

8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.

8:10 pm: Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.

8:07 pm: He moves on from corruption to terrorism. He tells “terrorsists from across the border” are spreading counterfeit currency notes.

8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.

8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone’s responsibility to eradicate poverty.

8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.

8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.

8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank

8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the ‘I’ was wobbling, says the PM.

8:00 pm: The Prime Minister’s address to the nation has begun.