President Ram Nath Kovind on Thursday said that the 2016 demonetization was "an important step" in tackling black money and corruption in the country.

Addressing a joint sitting of the Lok Sabha and Rajya Sabha at the start of the Budget Session, Kovind said: "Demonetization was an important step in the campaign by the government against black money and corruption. It led to an attack on the parallel economy and it brought unaccounted cash back to the system. It eliminated the forces that were weakening the country."