New Delhi:President Pranab Mukherjee tonight welcomed Prime Minister Narendra Modi’s announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.

He said Modi called on him on Tuesday evening and briefed about the government’s decision to declare that all Rs 1000 and 500 currency notes will cease to be legal tender from midnight on Tuesday.

President Mukherjee welcomed the bold step taken by the government which will help unearth unaccounted money as well as counterfeit currency, a Rashtrapati Bhavan statement said.

Mukherjee called upon people not to panic and to follow the government’s guidelines for exchanging currency notes of Rs 1000 and Rs 500 denomination available with them.

He reminded that all currency notes below Rs 500 will continue as legal tender.

The President called upon all people to avail upon the opportunity provided by the government to exchange currency notes of Rs 1000 and 500 denomination for new legal tender.

Modi also informed the President that these notes can be used for certain purpose for a limited period.

PTI