Demonetisation: Ratan Tata supports PM Modi's decision as a 'bold act', claims it will eliminate black money

Tata Sons Chairman Ratan Tata on Tuesday praised the central government's move to demonetise high-value currency notes.

While supporting Narendra Modi’s decision, Tata claimed that it was a bold act capable of wiping out black money and corruption.

"Demonetisation of old currency notes by the Modi government is a bold act that will wipe out black money and corruption. It deserves our support," he said in a tweet.

Prime Minister Narendra Modi, in a surprise move on November 8, had announced that legal tender character of Rs 500 and Rs 1,000 stands withdrawn from the following day.

The move was aimed at curbing black money, check circulation of fake currency and terror funding.

Demonetisation of old currency notes by the Modi govt is a bold act that will wipe out black money and corruption. It deserves our support

— Ratan N. Tata (@RNTata2000) November 22, 2016

Following the announcements, long queues have been seen outside banks for exchanging and depositing the old currency.