Prime Minister Narendra Modi's demonetisation move is a 'courageous' experiment to eliminate black money, corruption and counterfeit currency, Samajwadi Party Rajya Sabha MP Amar Singh has said.

Though it was implemented without making 'proper arrangement', but sudden implementation of the move helped preventing 'adjustment' of black money and unaccounted cash by hoarders, he told PTI.

Singh also said 'he, as a countryman, was proud to have such prime minister who was so dedicated and adamant to root out corruption'.

"The prime minister has punished all who have amassed huge wealth, whether they are from his party (Bharatiya Janata Party) or others," he said, adding now they (black money hoarders) are getting 'sleepless nights'.

Singh claimed the move has reduced the gap between rich and the poor and now people would pay taxes instead of evading it.

"I am not a BJP spokesperson but a SP Rajya Sabha member, whatever the opinion of my party might be on this issue but I have shared my personal view on it," he said.

However, he registered his protest against the mismanagement in implementing the demonetisation move, saying he was pained to the see the common people suffering due to it.

"What is the purpose of implementing a scheme due to which poor, farmers, small traders and common people have to suffer?" he said.-- PTI