New Delhi, Nov 8 : Hailing the Union government's decision on demonitisation of Rs 500 and Rs 1,000 currency notes, Andhra Pradesh Chief Minister N. Chandrababu Naidu on Tuesday dubbed it a "bold step" to eliminate corruption.
The Chief Minister said the government needs elaborate discussion before introducing currency in new denominations.
"I welcome @narendramodi Govt's historic decision to ban Rs 500 and Rs 1,000 notes. This is bold step towards eliminating corruption," Naidu tweeted soon after Modi made the announcement during a broadcast.
Naidu is one of the prominent politicians to raise the demand for the abolition of currency notes of higher denomination three years ago.
"TDP has been at the forefront of pushing for this ban on high-value currency notes. This move will change the face of Indian economy," Naidu said in another tweet.
"Re-introduction of Rs 500 notes and introduction of Rs 2,000 notes needs elaborate discussions and alternatives should be looked into.
"Centre needs to reassess the steps and tread with caution before introducing new denomination notes to prevent stashing," he said.
In October, Naidu wrote a letter to Modi reiterating his demand on the currency.
Noting that politics has become a shelter for the corrupt, Naidu had sought immediate abolition of currency notes of Rs 1,000 and Rs 500 denominations to curb black money in the country.
On October 12, Naidu had claimed that out of the Rs 13,000 crore of black money declared in Hyderabad under a central scheme, Rs 10,000 crore belonged to a single individual.