Illustration/Uday Mohite

New Delhi: Taking the nation by surprise, Prime Minister Narendra Modi last night announced demonetisations of Rs 1,000 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 1,000 can deposit the same in their bank and post office accounts from November 10 till December 30. In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1,000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”