Mumbai (Maharashtra) [India], Nov. 13 : Backing Prime Minister Narendra Modi's decision to cancel the legal tender of Rs. 500 and Rs.1000, Bollywood director Raju Hirani on Saturday lauded the former for taking a "bold" and "innovative" step to curb the menace of black money.

Admitting that there inconveniences as several ATMs are running out of cash leaving the people fuming, Hirani, however, said that the decision would ultimately benefit the nation in long term.

"People are facing a little inconvenience but people must understand and co-operate as it will be beneficial in long run," Hirani told ANI.

He said the Prime Minister Modi-led government is leaving no stones unturned to mitigate the currency crunch and expressed hope that the problem of black money will not exist henceforth.

Prime Minister Modi on Tuesday announced that the government had decided to demonetise Rs 500 and Rs 1,000 notes to tackle the menace of black money.(ANI)