People with illegal money need to worry: Venkaiah Naidu on scrapping Rs 500, 1,000 notes

Union Minister of Information and Broadcasting M Venkaiah Naidu has commended Prime Minister Narendra Modi's decision to scrap Rs 500 and Rs 1,000 notes, saying genuine people will not have any problem and only corrupt and those with illegal money need to worry.

Naidu said on Twitter, "Historic revolutionary bold step by prime minister to cleanse public life from money power. Hats off to our Prime Minister for the bold decision. Prime minister forewarned the people, given enough time to declare their money and pay taxes. Demonetisation of Rs 500 and Rs 1000 is aimed at rooting out black money. Genuine people will not have any problem, only corrupt people and people with illegal money only need to worry."

Also Read: Common man safe from PM Narendra Modi's 'surgical strike' on black money: Centre

"Entire country is very happy about it. Everybody is sending message congratulating historic step of the Prime Minister, only corrupt can weep and do not sleep, for entire country is rejoicing. Honest tax payer nothing to worry, every care will be to take to care of your interest. War on black money started, be aware it will continue," he added.

Meanwhile, Maharashtra Chief Minister Devendra Fadnavis said: "Historic and courageous decision on Rs 500 and Rs 1000 notes to stop corruption and flow of black money. Hats off Hon @narendramodi ji ! People of our nation would support and participate like true soldiers in this war against #blackmoney. This is a milestone in nation's progress. Hon @narendramodi ji's decision is revolutionary. No reason to panic at all. Let us together fight this war against corruption& #blackmoney!"

Minister of State for External Affairs and former Army Chief V K Singh said: Historic step by the PM @narendramodi. Will surely go a long way in fighting #BlackMoney. Thank you for your visionary leadership.

The government yesterday took a bold step of discontinuing with Rs. 500 and Rs 1,000 notes from midnight in a move to curb black money and counterfeit currency.

Prime Minister Narendra Modi, in his address to the nation, explained the move as the government's attack on black money.

Also Read: Here's full text of PM Narendra Modi's speech on scrapping Rs500, Rs1,000 notes

These notes can be exchanged for lower denomination notes at post offices and banks from 10 November till the end of March 2017.

The Prime Minister also added that all banks will remain closed for public work on 9 Novermber.

Prime Minister Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.

"The RBI has decided to limit the notes with higher value. There will be more purification the more we get support from you. Let's continue the process of cleanliness and work together for successful completion of this initiative. We want to take this fight against corruption even ahead," he added.

The Prime Minister further said ATMs will not work on November 9 and in some places on 10 November.

-ANI