We welcome decision to demonetise Rs 500, 1000 notes: Pawar

NCP President Sharad Pawar today said he welcomed the decision of Prime Minister Narendra Modi to demonetise Rs 500 and Rs 1,000 currency notes in a move to unearth unaccounted money as well as counterfeit curreny.

"We welcome the decision to demonetise currency notes - Rs 500 and Rs 1000. This will curb Blackmoney and terror financing," Pawar said in a tweet.

Taking the nation by surprise, Modi last night announced demonetisation of Rs 1000 and Rs 500 notes, making these notes invalid in a major assault on black money, fake currency and corruption.

While the sudden announcement had taken common man aback with people queueing up to ATMs to get Rs 100 notes and deposit liquid cash in banks, it was hailed by President Pranab Mukherjee and BJP's ally, even as the main Opposition Congress raised apprehensions over the decision.

Congress chief spokesperson Randeep Surjewala sought to know if the Prime Minister has brought this scheme without giving much thought just to cover his "failure" to bring back Rs 80 lakh crore black money stashed abroad and deposit Rs 15 lakh in the account of every citizen.

BJP's ally in Maharashtra, Shiv Sena also hailed the bold step from PM and said it hoped that the common man does not get adversely affected by the decision.