New Delhi: Union Finance Minister Arun Jaitley on Wednesday said that there was sense of satisfaction among the honest people in the country after the Centre’s decision to ban ‘big notes’ (high-value currency notes). Stating that the percentage of people using ‘big notes’ was single digit during the year 1978, Union Finance Minister Arun Jaitley said that 86 percent of people are using big notes in the present year of 2016. He was addressing media conference following Prime Minister Narendra Modi’s speech on Tuesday night in which the latter announced banning Rs 500 and Rs 1,000 currency notes.

“Big notes are playing a key role everywhere in black money, counterfeit currency and in terrorism, ban on the high-valued currency would check the black money in the country,” he said.

Replying a query from a reporter whether the timing of the announcement on banning currency notes is anything to do with the forthcoming Assembly elections in Uttar Pradesh, Arun Jaitley replied if elections would become cheaper as a result of the decision it is a good beginning for the country.

Meanwhile, a Public Interest Litigation (PIL) has been filed in Hyderabad High Court following the ban stating that a sense of confusion and chaos prevailed in the public on exchanging currency notes.