Demonetisation move will help in GDP growth: Minister

Andhra Pradesh Finance Minister Yanamala Ramakrishnudu welcomed the withdrawal of Rs 500 and Rs 1000 notes from circulation by Narendra Modi government.

"The ban on usage of Rs 500 and Rs 1000 currency notes would help the Centre and states in improving their financial status. It's a welcome step," Ramakrishnudu said while addressing a meeting at Angara in Kapileswarapuram mandal in East Godavari district.

He said the income of nation would increase if black money comes out.

"Black money is accumulating in hands of some individuals and organisations. (With this move to scrap high value currency) the GDP and income of nation would go up as black money will come out," the minister said.

He said the decision augurs well for the middle class and poor people.