India, April 16 -- Demonetisation helped formalise India's economy and it has been proved that the 2016 exercise invalidating high-value banknotes was a step in the right direction, Prime Minister Narendra Modi has said.

The people who are complaining about the move are the ones who faced losses due to the note ban exercise, he said in an interview to Doordarshan and the Rajya Sabha TV on Monday night.

The Opposition has attacked Modi's government over the exercise, citing inconvenience faced by citizens across the country even as the government says its shock move on November 8, 2016, to ban Rs 1000- and old Rs 500-notes was aimed at curbing black money and formalising the economy.

"The people who had money stashed in bags faced hards...