Hyderabad

Naidu hails PM announcement on Rs 1,000, Rs 500 notes

Naidu hails PM announcement on Rs 1,000, Rs 500 notes

Vijayawada: Andhra Pradesh Chief Minister Chandrababu Naidu tonight welcomed Prime Minister Narendra Modi’s announcement that Rs 1,000 and Rs 500 notes will become invalid with effect from midnight, terming it as a “major step” forward in wiping out black money from the system.

“This a major step forward towards wiping out black money. This will also pave the way for eliminating corruption,” he said in a statement, minutes after Modi made the surprise announcement in a televised address to the nation.

He complimented the Prime Minister for taking such a bold decision.

Naidu was the first important politician to raise the demand for abolition of Rs 500 and Rs 1,000 currency notes three years ago, saying such a step will weed out corruption and buying of votes.

Last month, he wrote a letter to Modi reiterating his demand.

The PM’s announcement on demonetisation of Rs 1000 and Rs 500 notes is being seen as a major assault on black money, fake currency and corruption.