VIJAYAWADA: Minutes after the Prime Minister announced the demonetisation of Rs 500 and Rs 1,000 notes on Tuesday evening, Andhra Pradesh Chief Minister N Chandrababu Naidu welcomed the measure, describing it as a move in the direction of unearthing black money.
Naidu said the demonetisation of notes would have a salubrious effect on the country's economy. The chief minster, who had been pressing for demonetisation of the high denomination notes for quite some time, said: "This is a major step towards ending the bogey of black money which has been eating into the vitals of the economy."
He felt happy that Narendra Modi had acted on his letter to him to cancel these notes and thanked him. "This decision is a watershed in the economic reforms initiated by the prime minister. This will lead to transparency in administration," Naidu said.