The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address at 20:15 Indian Standard Time (IST) on 8 November. In the announcement, Modi declared that use of all RS 500 and RS 1,000 banknotes of the Mahatma Gandhi Series would be invalid after midnight of that day, and announced the issuance of new RS 500 and RS 2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.