08/11/2016 10:45 PM IST | Updated 08/11/2016 11:00 PM IST

Govt's Step Against Black Money Is No Less Than Surgical Strike, Says Amit Shah

"This fight against black money will continue."

Pawan Kumar / Reuters

NEW DELHI -- Welcoming the decision of the government to ban ₹500 and ₹1000 notes from Wednesday, Bharatiya Janata Party (BJP) chief Amit Shah on Tuesday said this step against black money is no less than surgical strike.

"I welcome the decision of the government to ban ₹500 and ₹1000 notes. On behalf of the Bharatiya Janata Party (BJP), I congratulate the Prime Minister for taking such a brave step. This fight against black money will continue. Decisions like forming SIT were earlier taken for the same," Shah told ANI.

Shah said Prime Minister Narendra Modi is taking forward the battle against corruption and black money.

"I believe his step against black money is no less than surgical strike. It will not only be a problem to those keeping black money but also give a major blow to those indulged in business of fake currency. It will give a strong message to those having black money," he added.

In a special and sudden address to the nation, Prime Minister Modi earlier on Tuesday announced that starting midnight, existing ₹500 and ₹1,000 notes can no longer be used for any transactions.

Describing the move as essential to fight "the disease of black money", Prime Minister Modi said the currency notes must be deposited starting Thursday and through 30 December at post offices and banks.

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

"Your money will remain need have no worry on this account. The new notes will be in limited supply at first and will then be increased," Prime Minister Modi said.

Prime Minister Modi, urging the country to bear with "temporary hardships" in the implementation of the new rule, said that banks will be closed to the public on Wednesday and ATMs will not work in some places for the next 48 hours.

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