Union minister for Information and Broadcasting M Venkaiah Naidu on Friday said the government has decided to do away with the requirement for TV channels to renew their license annually.

Adding further, he said that if channels submit annual renewal fees 60 days before year end, the license will be deemed to be renewed. Speaking at the Economic Editors Conference, Naidu said,”The TV channels can show the inconvenience caused by demonetisation, but it’s not fair to only dwell on it.”

On this occasion, Venkaiah backed the Centre’s move to ban Rs 500 and Rs 1,000 currency notes, saying the decision was taken to curb black money and corruption. “While the announcement to demonetise Rs 500 and 1000 notes was sudden, there was a long preparation behind it,” ANI quoted the minister as saying.

Venkaiah added that the government had taken the bold decision as a parallel economy was acquiring menacing proportions. Long queues of people outside the ATMs were witnessed on Friday to withdraw money featuring new Rs 500 and Rs 2,000 currency notes. Also, large number of people could be seen at bank counters to exchange their old notes for the new ones.

The Narendra Modi government on Tuesday announced the decision to scrap Rs 500 and Rs 1,000 currency notes, citing the move was aimed at putting a curb on black money and corruption. The Reserve Bank of India also introduced new currency notes of Rs 500 and Rs 2,000 in place of the existing ones.