Watch video: Ramdev hails Narendra Modi govt's move to scrap Rs 500 and Rs 1000 currency notes

Yoga guru Ramdev on Wednesday hailed the government’s move to scrap Rs 500 and Rs 1000 currency notes, saying it will have far-reaching impact and curb economic crimes as well eliminate the resources of Naxals.

Speaking at the inauguration of Global Rajasthan Agritech Meet (GRAM), he described as “courageous” Prime Minister Narendra Modi’s decision to demonetise these denominations.

“This is a great decision and will have far-reaching impact. It will curb economic crime and the resources for Naxalism will be curbed by this,” he said, adding, “It is not a mere change but a direction of transformation.

”He also requested the government to avoid releasing currency notes in 500 and 1000 denomination in future. “If it is necessary, I request the government to release notes in those denomination in minimum quantity,” he said.

Ramdev, referring to an RBI report, said out of the total currency notes printed by October 28, 2016, 86 per cent were the notes of 500 and 1000 denomination and 15 lakh crore such notes were in circulation.

Prime Minister Modi on Tuesday announced that denomination notes of Rs 500 and Rs 1000 will no longer be legal tender, as he declared a “decisive” war against black money and corruption.