Rs 500 and Rs 1,000 notes banned: Subramanian Swamy congratulates PM Narendra Modi for disabling ISI money power

New Delhi: Bharatiya Janata Party (BJP) leader Subramanian Swamy welcomed Prime Minister Narendra Modi's decision to denotify Rs 500 and Rs 1,000 note to combating corruption, terrorism and black money.

The firebrand BJP MP congratulated PM Modi for taking the drastic step.

“I congratulate Namo for doing what national security required--to disable the ISI money power through fake rupee notes. Terror in disarray,” Swamy tweeted.

However, the BJP leader said, “This is just a step forward to tackle black money and not to resolve the entire issue, we have to go long way.”

"This decision is a death blow to terror funding network. This step was necessary for national security," BJP leader Subramanian Swamy said.

The ISI smuggles Fake Indian Currency Notes (FICNs) into India via Sri Lanka, Nepal and Bangladesh. Smugglers are sold the FICNs in 2:1 ratio – two fake notes for the value of one original. And all this money was pumped into India to fund terrorist activities.

Addressing the nation, PM Modi on Tuesday said, “To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected.”