Watch video: PM Modi's 'surgical strikes' against black money, Rs 500 & Rs 1000 notes won't be legal tender from midnight tonight | Top Quotes

In a surprise move and a major assault on black money, fake currency and corruption, Prime Minister Narendra Modi announced that Rs 1000 and Rs 500 notes will be demonetise with effect from Tuesday midnight making these notes invalid.

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.

Highlights of PM Modi's address to the nation - 

# Rs 500 & Rs 1000 currency notes will not be legal tender from midnight tonight.

# You have a time period of 50 days to submit your currency notes of 500 and 1000 in the nearest post offices & you needn't rush for this.

# Old Rs 500 and Rs 1000 notes can be deposited in any bank or Post Office from November 10 to December 31.

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

# Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes  till 11 November midnight.

# You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.

# For 72 hrs, until Nov 11 midnight special arrangements made. All govt hospitals will accept old 500 & 1000 notes.

# Currency notes of #Rs1000 and #Rs500 will be just paper with no value.

# Rs 500, Rs 1000 notes to be accepted at hospitals till November 11. For some time rail, bus and airline counters will accept them too.

# Currency notes of 100, 50, 20 & all other coins are vaild, there is no stoppage on their circulation.

# These notes should be exchanged in banks and post offices within December 30, 2016.

# Some ATMs won't work on November 9 & 10.

# For 72 hours (till November 11, midnight), Rs 500 & 1,000 currency notes would be acceptable in the hospitals.

# CNG gas stations, petrol pumps and retail outlets can also accept notes till Nov 11 midnight, but they will have to maintain records.

# There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

# Every country's history has seen a phase where a strong measure was called for.

# Our enemies from across the border run their business with counterfeit notes and it has been going on for years.

# On one hand terrorism & fake currency are destroying us, on the other, corruption & black money are standing as hurdles for nation.

# Process of cash circulation is directly related to corruption impacting lower classes of our society.

# Corruption, fake currency and terrorism are festering wounds and holding back the economy.

# Black money, corruption make the nation hollow from inside.

# In the last two-and-half years, at least  Rs 1.25 lakh crore worth black money has been recovered.

# In all our policies, we are dedicated for the upliftment of entire society.

# Our govt is committed towards the empowerment of poor and all our schemes are designed in accordance to that.

# Corruption and black money is something we have fought for immediately after assuming office.

# There is a time when you realise that you have bring some changes in society, and this is our time to feel the same.

# In all our policies, we are dedicated for the upliftment of entire society.

# Bhrashtachar ki beemari ko kuch varg vishesh ke logon ne apne swarth ke kaaran faila rakha hai.

# With the help of the citizens of India, India has emerged as a bright spot in world economy.

# I will share some important issues and decisions.

# This Govt is dedicated to the poor, and will continue to do so: PM 

# With the support of 1.25 billion people, India has emerged as a shining star in the global economy.

# India has registered itself as a bright spot, and this claim is not made by us, but by IMF and World Bank.

#This Govt is dedicated to the poor, and will continue to do so

#India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank

Earlier on Tuesday, Prime Minister Narendra Modi reviewed the security situation with Chiefs of Army, Navy and Vice Chief of Air Force in New Delhi amid continuing Pakistani shelling along the border in Jammu and Kashmir.

National Security Adviser Ajit Doval was also present at the meeting, officials said.

During the meeting, the Prime Minister is understood to have taken stock of the situation along the Line of Control (LoC) and International Border where Pakistan has been regularly shelling military posts as well as civilian areas.

Army Chief Gen Dalbir Singh Suhag is believed to have briefed Modi on the situation and how the forces are handling the Pakistani provocation.

Significantly, the meeting came on a day when one more jawan was killed in Pakistani shelling in Jammu and Kashmir.

(With inputs from PTI)