Demonetising Rs 1,000 & Rs 500 notes bold step: Soli Sorabjee

Eminent jurist Soli Sorabjee today hailed the government's decision to demonetise high denomination notes, calling it "bold and innovative".

"It's a bold innovative move and honest tax payers have nothing to worry about. Though their may be initial discomfort and inconvenience which should be borne in the larger interest of the society and the nation," Sorabjee, former Attorney General of India, told PTI.

Taking the nation by surprise, Prime Minister Narendra Modi yesterday night announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

This is the first time since 1978 that the government has withdrawn money from circulation.

Discontinuation of high denomination notes will cause inconvenience to the public as all ATMs will remain shut today and tomorrow as banks replace the now declared invalid Rs 500 and Rs 1000 notes.

Banks will also remain shut today for cash balancing and stocking up of the lower denomination Rs 50 and Rs 100 notes and high security new Rs 500 and Rs 2000 notes .

The currency notes withdrawn have to be deposited in banks by December 30 and smaller denomination notes can be withdrawn with certain restrictions - Rs 10,000 from bank accounts in a day and Rs 20,000 in a week and Rs 2,000 a day from ATMs.