Lucknow: Attributing demonetisation of higher denomination notes to the "economic thinking" of Babasaheb Ambedkar, Uttar Pradesh Chief Minister Yogi Adityanath today said the Centre displayed "immense political willpower and courage" in demonetising the currency notes of Rs 1,000 and Rs 500.

"If we peep into history, the idea of demonetisation has its roots in the economic thinking of Babasaheb Bhimrao Ambedkar. Babasaheb had said that if any democratic country wanted to strengthen itself economically and curb the circulation of black money and corruption, it must be ready to change the higher denomination currency notes at regular intervals," he said while addressing the public at Digi Dhan Mela organised here.

He said various governments in the past had only "thought" of introducing this measure, but never had the "courage" to implement it.

"For the first time, a government had not only displayed courage, but also the political will power. The government (NDA-led Centre) firmly believed that the country and the citizens will definitely benefit from such a move," Adityanath said.

Applauding the public who faced difficulties during demonetisation in the larger interest of the nation, the Chief Minister said, "People were ready to face the hardships of demonetisation and forgo the immediate gains in the larger interest of the country."

He reiterated that the state government would adopt a zero tolerance policy (on lines of the Centre) in dealing with corruption.

"Other countries had tried to emulate India's demonetisation model, but they could not do so, and ultimately had to back out," he said.

The priest-turned-politician said in the last 15 years, the issue of black money was raised during elections and there were mass movements against it.

"But, owing to complexities, things could not move fast on the ground," he said, adding that even the Supreme Court had directed the Centre to form an SIT on the grave issue.

On May 23, 2014, the Supreme Court had given the Centre a week's time to notify a Special Investigation Team (SIT) to probe black money stashed by Indians overseas.