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.

LIVE: Narendra Modi's address on demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains

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.

Live updates:

9:20 pm: Fake currecies circulation have grown over the years. We are launching new currency ntoes with new designs from November 10. Intridcing 2k Rs. note with Mangalyan logo,

9:15 pm: It is a bold move. Coutnerfeit 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,

Rs 500, Rs 1000 to be illegal starting midnight; Twitterati says ‘surgical strike on black money’

In what can be seen as an unprecedented move by Prime Minister Narendra Modi, during a special address to the nation, he anonounced that currency notes of Rs 500 and Rs 1,000 denominations will be illegal starting 12 midnight on November 8. That is not even four hours after the surprising announcement was made.

“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,” Modi said.

The move comes as a strike against the haording of black money. “A few people are spreading corruption for their own benefit,” he said, adding that “corruption and black money is (sic) something we have fought for immediately after assuming office…There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.” It was then that he announced that the Rs 500 and Rs 1,000 notes will be deemed illegal starting midnight.

The news comes days after Twitter was buzzing with photos of bundles of currency notes of Rs 2,000 that were being shared with the idea that the Reserve Bank of India might be issuing them into the market soon. Quite obviously, given the PM’s announcement today, that is probably not a possibility any more.

The announcement was met with immediate shock and confusion across social media, with people tweeting out their confusion at the sudden step. Most people wanted to know why this step was take, while others lauded the PM’s effort to counter black money hoarding and corruption. Some even proposed ‘auctioning’ their ‘rare collectors Rs 500 note from 2016 AD Modi era for Rs 10,000’.

True to Twitterati’s nature, memes and quips and jokes started flying. Sample some of them here.

To choke black money, Modi withdraws old notes, to introduce new Rs 500, Rs 2k notes

New Delhi: In an extraordinary step to tackle the scourge of black money in the country, Prime Minister Narendra Modi on Tuesday said Rs 500 and Rs 1000 notes will no longer be legal from midnight today.

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. He explained that the currency notes will be just paper with no value.

“Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10.

He assured the nation that the notes of Rs 100, 50, 10 and coins of all denominations will remain legal tender and will not be affected and that “this step will strengthen the hands of the common man in the fight against black money.”

The government also listed some exceptions to help minimise inconvenience to the common man, like hospitals will continues to accept the big currencies for the next 72 hours.

ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.

Banks will remain closed tomorrow and ATMs will also not function tomorrow and day after, Modi said.

He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time.

He also expressed confidence that political parties, workers, social organisations and the media will go further than the government in making it a success.

Modi's announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country.

The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.