Video: Modi reduces Rs 500 and Rs 1000 notes to worthless pieces of paper

In a 40-minute address, first in Hindi and later in English, Prime Minister Narendra Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”

In a 40-minute address, first in Hindi and later in English, Prime Minister Narendra Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”

Rs 500 and Rs 1000 notes will be discontinued from Tuesday midnight as a step to curb black money. (PTI)

He also announced that new notes of Rs 2000 and Rs 500 will be introduced.

However, he said that all notes, coins in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Rs 1 will continue to be valid.

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.

Read | Rs 500, Rs 1000 notes scrapped: All you need to know and do in next few days

Watch the full 40-minute address here