Prime Minister Narendra Modi today announced that Rs 500 and Rs 1000 banknotes would be withdrawn from the financial system at midnight, saying it was part of a crackdown on rampant corruption.



In an unprecedented move, Prime Minister Narendra Modi addressed the nation through Doordarshan, India's state television. He is scheduled to meet President Pranab Mukherjee after his telecast.

This is the first time Modi addressed the nation in this manner since he was elected more than two years ago. The address will be first in Hindi, followed by an English telecast.

Modi's address to the nation comes at the end of the day in which he met the three chiefs of the armed forces - Army Chief Dalbir Singh, Navy Chief Sunil Lanba and Indian Air Force Vice Chief BS Dhanoa - to review India's security following the tension with Pakistan.

National Security Advisor Ajit Doval was also present at the meeting. The Prime Minister then chaired a meeting of his senior ministers.

The meeting came as tension along the India-Pakistan border continues, with over 100 violations from the Pakistani side since the surgical strikes that India carried out on terror launch pads in Pakistan-administered Kashmir in the intervening night of September 28-29.

Highlights:

This speech is for a special request that I am going to make to the nation.

We are for empowerment of poors and for their rights.

The various schemes launched by the government are aimed at empowering the poor. It shows the government is dedicated to the poor.

Corruption and black market is a big hindrance in removing poverty.

India a bright spot in global economy. This claim is not by us, but by the IMF.



Corruption is the biggest bane for us. We are Number 70 on corruption index.

Terrorism is being funded from across the border using fake currencies

We took many steps to contain the menace of black money

We made an SIT on black money with a retiredd judge of Supreme Court

We entered into agreements with various countries to contain black money transactions

We introduced the amnesty scheme to announce black money\

Corruption, black money etc are such things which are pushing teh country backwards

Rs 125 lakh crores came out during amnesty scheme on black money

Some people have misutilised their positions for corrupt practices

Some honest people have fought corruption as well

On one side terrorism, fake note currency is destroying the country and on the other corruption and black money is destroying the country

Rs 500 and Rs 1000 notes will be invalid from November 8 midnight

The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society

From Midnight Nov 8, 2016 today, Rs 500 and Rs1000 notes are no longer legal tender

You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office

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

ATMS will limit money to Rs 2,000 a day initially

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

There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc





The new Rs 500 note. (Photo: ANI) The new Rs 500 note. (Photo: ANI)

The new Rs 500 note. (Photo: ANI) The new Rs 500 note. (Photo: ANI)

The new Rs 2000 note. (Photo: ANI) The new Rs 2000 note. (Photo: ANI)

The new Rs 2000 note. (Photo: ANI) The new Rs 2000 note. (Photo: ANI)

Watch the video here:

