New Delhi, Nov 8 (KNN) Making a big announcement to check black money, Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes will no longer be valid after today midnight.

Highlights of PM’s speech:

We need to take a new solid step to fight black money.

From now on, Rs. 500 and Rs. 1000  notes will not be used. Have 50 days to turn them into banks and post offices.

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

For the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.

Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.

Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.

Currency exchange through cheque, DD, payment via credit or debit cards etc  will remain as it is.

Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof

Notes of Rs. 2000 and Rs. 500 will be circulated soon.

Notes other than Rs 500 and Rs 1000 to remain same.