Asserting that Prime Minister Narendra Modi's move to demonetise 500 and 1000 Rupee notes had dealt a deadly blow to those supplying fake notes and those involved in terror funding, the Centre on Friday lauded the historical step saying the massive development will break the very structure of terrorist organisations.

Speaking to the media here, Minister of State, Home Affairs, Kiren Rijiju said that India has been facing the grave challenge of corruption and black money, which is circulating very heavily illegally and now this decision will not only to check corruption and black money but it will also stop terror funding and circulation of fake Indian currency.

"The Home Ministry has been facing the problem of terror funding for a long time, so this particular decision has given a deadly body blow to those supplying fake notes and those involved in terror funding. So it's a historical step and this will break the bones of terrorist organisations and people who are funding behind the cartel," he said.

Earlier, International Monetary Fund (IMF) supported Prime Minister Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes but cautioned that the move has to be managed prudently. IMF spokesman Gerry Rice told reporters in Washington that the global body supports Modi government's measures to fight corruption and illicit financial flows in India.

He, however, said that the move has to be managed prudently to minimize possible disruptions keeping in mind the large role of cash in everyday transactions in Indian economy.

Meanwhile, with the ATMs opening today nearly 48 hours post Prime Minister Modi's radical announcement about scrapping of the 500 and 1000 rupees notes, long queues made by anxious citizens were seen across the nation with the new currency notes available for withdrawal.

The withdrawal limit is of 2,000 rupees per day per card for all the customers at bank ATMs.