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.

Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night 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, Mr. 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.

Latest updates:

9:50 pm:Tomorrow Banks will be closed for withdrawing these notes from counters & ATMs, says Arundhati Bhattacharya

9:45 pm: We will work round the clock to ensure that customers have a smooth experience says SBI chairman Arundhati Bhattacharya. We will strive to restock ATMs at the earliest and make them operational, says SBI chairman Arundhati Bhattacharya

9:40 pm: We have just now been advised of the Govt's move to demonetise current series of Rs1000 &500 says Arundhati Bhattacharya

9:38 pm: There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.

9:37 pm: No security breach has been reported. New notes will be Braille compliant, says DEA secretary

9:36 pm: Within this period, cheques, debit cards, e-transactions will continue. All electronic transations on account of business firms, companies and individuals will continue in the new two days: DEA secretary

9:36 pm: The decision to withdraw existing 500/1000 denomination currency notes has surprised everyone says DEA secretary

9:35 pm: Post offices, bannks to open additional counters and extend working hours to accomodate the public.

9:34 pm: Initially, there could be inconvenience. The supply of new notes will be increased. First aspect to be considered is inflation. RBI will monitor and regulate the printing and circulation of Rs. 2000 notes.

9:33 pm: The notes that are being circulated in social media are true. Not sure how the notes look got leaked, but sure that people will cooperate with the govt. in this venture.

9:32 pm: FIU of India get info about transactions from banks. During this period, banks will take extra precaution. Banks will share info with Income Tax dept. as deemed fit.

9:32 pm: If it is declared as not legal tender, then any transactions are done with their own risk, says Shaktikanta Das

9:30 pm: Measure necessary to maintain economic integrity of economy, says Shaktikanta Das. It will be positive for our economy and will add to the growth of our economy.

9:25 pm: RBI shows the specimen notes of new Rs. 500 and Rs. 2000 notes.

9:22 pm: Banks will have video cameras for all trransactions, people must be careful while exchanging legal cash, says Shaktikanta Das

9:21 pm: Control rooms formed in RBI in Mumbai - 022 22602201, 22602944 will be operable from tomorrow morning 8 am, says Shaktikanta Das

9:20 pm: Fake currencies circulation have grown over the years. We are launching new currency notes with new designs from November 10. Introducing 200 rupee note with Mangalyan logo, says Shaktikanta Das

9:15 pm: It is a bold move. Counterfeit currencies are being used for financing terrorism. Our security measures have not been breached,. This is a powerful measure to combat terrorism. Govt. has taken many measures in last two years. This will go a long way. Fake currencies corrode economy, says Economic Affairs Secretary Shaktikanta Das

9:10 pm: RBI has been concerned about black money issue: Urijit Patel

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.