PM Narendra Modi said the demonetisation move was for the good of the coming generations (PTI photo)
The country will emerge victorious after the Centre's decision to ban the old Rs 500 and 1000 notes that was a "test by fire", Prime Minister Narendra Modi has said.
"As I said on the very first day when I announced the decision, it is a time-consuming process. It will cause inconvenience and a little hardship but, I believe, the nation will come out victorious from this test by fire," PM Modi said at a public rally in Agra today.
He said his government has been flexible in implementing the demonetisation decision and effected alterations as the need arose.
"I have asked for 50 days. It's been just 10 days and over 5,000 crore rupees have already been deposited in banks... the banks will infuse this money in the markets," he added.
After long queues at banks and automated teller machines for exchanging notes or withdrawing money, PM Modi had appealed to the public to give him 50 days for the implementation of the demonetisation decision wherein the old Rs 500 and Rs 1,000 currency notes were banned as legal tender effective November 8 midnight.
PM Modi said he did not take the demonetisation decision to trouble anyone but for the good of the coming generations.
Earlier, the Prime Minister launched the Pradhan Mantri Awas Yojana (Grameen) and inaugurated the fourth Mathura-Palwal railway line.