LIVE: Demonetising Rs 500, 1000 notes a very bold step to fight black money, says RBI

RBI Governor Urjit Patel. (Express Photo/Ganesh Shirsekar)

Prime Minister Narendra Modi on Tuesday 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, 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.

After Modi’s address to the nation, RBI governor Urjit Patel and Secy. Department of Economic Affairs Shaktikanta Das are addressing a press conference.