Though it was implemented without making "proper arrangement", but sudden implementation of the move helped preventing "adjustment" of black money and unaccounted cash by hoarders, he said here yesterday.
Singh also said, "he as a countryman was proud to have such Prime Minister who was so dedicated and adamant to root out corruption."
"The Prime Minister has punished all who have amassed huge wealth, whether they are from his party (BJP) or others," he said, adding now they (black money hoarders) are getting "sleepless nights".
Singh claimed the move has reduced the gap between rich and the poor and now people would pay taxes instead of evading it.
However, he registered his protest against the mismanagement in implementing the demonetisation move, saying he was pained to the see the common people suffering due to it.
"I am not against this scheme, but the government's failure in making proper arrangement before implementing the scheme has only brought sufferings in the lives of common people which has pained everyone of us,"Singh said.
"What is the purpose of implementing a scheme due to which poor, farmers, small traders and common people have to suffer?" he said.
Singh claimed that due to demonetisation many companies have started reducing their staffs to cut their cost.
Raising questions over the app-based survey by the Modi government over the demonetisation, in which allegedly majority people have supported the move, the Rajya Sabha member said there were "doubts" on the survey.
Even people who are facing problems and suffering are saying that they can bear the hardship for some days but will support the Modi led government's demonetisation scheme to curb corruption and black money,terrorism.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)