New Delhi: Prime Minister Narendra Modi, addressing the country on Tuesday evening, announced that the discontinuation of the Rs. 500 and Rs. 1000 notes. The denominations will not be considered a legal tender midnight onwards.

The PM said that the citizens of the country will have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any bank or post office.

For now, notes currently in use can be traded for up to Rs. 4,000 till November 24, after which, the amount will be increased.  Against notes that are deposited, withdrawals of up to Rs. 10,000 a day or 20,000 a week will be permitted for now.

A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.

The image of Mahatma Gandhi has shifted to the left in the new Rs. 500 denomination. Now the denomination also appears in Hindi font on the left hand side horizontally next to the image of Mahatma Gandhi the image of the Father of The Nation seems bigger. On the other side of the note, as per the specimen copy, there is an image of the Red Fort.

Key feature is that the new notes also carry the Swachch Bharat Logo.

On the other hand, the Rs. 2000 notes is more or less the same just instead of the image on the other side on this denomination is of a satellite.