Move to withdraw Rs 500, 1,000 notes masterstroke: N R Narayana Murthy

NEW DELHI: Terming the decision to demonetise Rs 500 and Rs 1,000 currency notes as a "master stroke", IT czar N R Narayana Murthy today said the move will address issues like black money and corruption and also help the economy become more digital.

"Prime Minister is working hard to reduce corruption. Black money is a scourge on any developing economy. He ( Narendra Modi) has been a great supporter of digital economy. So yesterday when he made the announcement, I thought it was a master stroke," he said at an event here.

Murthy added that this hopefully will help reduce corruption and black money and also accelerate the move towards digital economy.

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