Welcoming the step of the Modi government, Purohit said, "The announcement on demonetisation of Rs 500 and Rs 1,000 notes will propel the economic growth of the nation to a new trajectory."
The decision would also help in checking black money, fake currency circulation and corruption, he said.
Purohit termed the Centre's move as a "deadly blow to insurgency, terrorism and other anti-social activities".
"This move will even fortify government's resolve to fight against the menace of black money and other related evils and expedite the development of all sections of people of the country," he added.
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