Hyderabad: Demonetisation is a revolutionary step in the country's history that is beyond any political affiliations, Telangana chief minister K Chandrasekhar Rao said.

Speaking on the issue of demonetisation in the State Legislative Council here on Saturday, the chief minister said the previous UPA government too contemplated demonetisation but due to unknown reasons did not implement it. The bold decision was implemented now which aims to account for every monetary transaction and thus root out black money, he said. "People are not able to understand the full scope of demonetisation announced by Prime Minister Narendra Modi. It is not going to stop with a one-off announcement but will root out black money in all forms," Chandrasekhar Rao said while replying to a question by Congress leader Shabbir Ali.

Regarding the un-ending cash woes of the people, Chandrasekhar Rao said it is not a scene peculiar to Telangana but people in all states are facing the cash crunch. “The Prime Minister has asked for a 50-day time to see the results, so let us wait,” KCR reminded the opposition present in the Council.

The chief minister, however, cautioned the central government against extended the process to gold saved by the common man. "I will personally intervene if a similar scheme is extended to gold also. I shall bring in a movement similar to the Telangana movement that brought us a new state and stop the central government from touching the gold savings of the people," he said while trying to reassure the women folk in the state.