Government scraps all Rs 500 and Rs 1000 notes to fight corruption

In a phenomenal move, Prime Minister Narendra Modi tended to the nation through Doordarshan, India's state television. This is the first run through Modi tended to the nation in this manner since he was elected over two years back. The address will be first in Hindi, trailed by an English telecast. Modi's deliver to the nation comes toward the day's end 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 survey India's security taking after the tension with Pakistan.

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

“Corruption, black money and terrorism can come in the way of a country's robust economic growth. From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," said PM Modi.

Further addressing the nation he stated that 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.

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.

The ATMs will not function till November 9, and in some places till November 10. Also, Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit has been set.