In a big decision, Prime Minister Narendra Modi said that the Rs 500 and Rs 1,000 notes will no longer be legal from Tuesday midnight.

“You have 50 days (From 10 November to 30 December) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office. There will be no change in any other form of currency exchange be it cheque, demand draft, payment via credit or debit cards etc,” Modi said.

Though he gave a respite to people in hospitals for the initial 72 hours. “Government hospitals will accept old Rs 500 and 1000 notes until 11 November midnight,” he said. All banks will remain closed for public work on November 9.

Explaining the decision, Modi said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society.

While addressing the nation, Modi said that India needs to get rid of corruption. He added that corruption and black money are the biggest hurdles that the country is facing. “This government is committed to bring an end to corruption. Crores of fake currency has been seized,” he said.

Modi added that RBI has decided to limit the notes with higher value and the new notes of Rs 2,000 and Rs 500 notes will be circulated soon.

Here is a look at the new currency notes:

Speaking about the India’s position in the world, he said, “India has registered itself as a bright spot, and it’s not that this is a claim made by us, but by IMF and World Bank.”

“We are going to empower the poor. The government is dedicated to the poor and will always remain so,” he said while addressing the nation.

Earlier in the day, Modi met the three service chiefs to review the security in the country, the Prime Minister on Tuesday made a surprise address to the nation.