Withdraw Rs 500, Rs 1000 notes ban: Mamata Banerjee tells Centre

"Please save people from this disaster. Roads are closed,markets shut, patients not being admitted to private hospitals,millions affected," the Chief Minister tweeted.

"Chaos everywhere. This is like an all-India unannounced strike. Those who hoard large amounts of black money will be protected," she said.

Banerjee said: "The poorest of the poor and middle class are crying. I once more appeal to the Govt to withdraw this hasty decision."

She called the move taken by the Centre as a 'complete disaster'.

"First do a plan of action and only then do proper implementation. This is a complete disaster," Banerjee said.

Meanwhile, Union Finance Minister Arun Jaitley said the move to discontinue with Rs 1000 and Rs 500 currency notes has been welcomed widely by citizens.

"The decision has been welcomed widely by citizens," Jaitley said while addressing a press conference here.

Modi said the decision will play a crucial role enhancing the credibility of the Indian economy.

" The decision was also important to enhance the credibility of the Indian economy," he said.

He said, "The demonetization will not only nudge, but also push, the economy in the direction of a cashless economy."

The Finance Minister said very few decisions are taken by the government which help in changing the lifestyle of the people.

"This decision will change the way people spend and keep their money," he said.

Speaking on the impact of the move on the country's GDP, he said: "The demonetization not only expands the national GDP; it makes it cleaner as well."

In a bold step to curb the usage of fake Indian currency and combat the issue of black money, Prime Minister Narendra Modi has announced that Rs.500 and Rs.1000 notes will cease to be legal from Tuesday midnight.