New Delhi [India], Feb. 21 : After relentless debates have been underway discussing the impact of demonetisation, HDFC Bank Chairman Deepak Parekh on Tuesday stated that it is high time this discussion ended, while casting his vote in Mumbai today in the BMC polls.

Speaking to ANI outside the polling booth, Parekh revealed that demonetisation is a beneficial initiative and will have a positive outcome on the economy in the long run. "Demonetisation is just one out of the Government's many plans drafted towards the development of this country. It was necessary to eradicate black money and has come at the right stage in our country's economic growth," revealed Parekh.

Highlighting the current situation in Mumbai, Parekh claimed that Mumbai has seen a lot of development in the recent past, with regards to connectivity. "We've seen a lot of projects being implemented such as metro construction, the new coastal road line and so on. We are Mumbaikars and we would like to see a more clean and well-developed city," added Parekh.

"It would be encouraging seeing more youngsters casting votes and taking part in the polls in Mumbai," urged Parekh.

Meanwhile, police has tightened security across the city ahead of the ongoing Mumbai Municipal Corporations elections and are maintaining a strong vigil to avert any untoward incident across the 7,304 polling centres. (ANI)