M. Venkaiah Naidu said that the decision would also improve tax collection. (File Photo)
Information and Broadcasting Minister M. Venkaiah Naidu said today that demonetisation will provide a fillip to formal economy and severely hit funding for arms smuggling, espionage and terrorism.
He added the decision would also improve tax collection, open up opportunities for the poor and middle classes and put an end to large circulation of counterfeit currency.
Prime Minister Narendra Modi on Tuesday announced the government decision to demonetise Rs 500 and Rs 1,000 currency notes to tackle the menace of black money.
Mr Naidu was speaking at the Economic Editors Conference held in New Delhi on Friday.
During the event, he also announced that the central government has done away with the process of obtaining an "annual renewal" for TV channels as part of the its initiative to promote "ease of doing business".
Mr Naidu said that broadcasters can continue their operations by simply paying the annual permission fee up to 60 days before the due date, which by itself will be treated as permission for continuation of the channel for a further period of one year.
He said a total of 963 channels and teleports will benefit from this decision.
Mr Naidu also announced that the 28th SIMCON (State Information Minister's Conference) would take place in New Delhi on December 9 and 10. Critical issues pertaining to films sector, community radio and social media would be on the agenda.