New Delhi, Jan 31 (IANS): 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.

"My government has taken strong measures against black money," he said. Agreements have been signed with countries considered as tax havens. As many as 3.38 lakh shell companies have been shut, he added.

The President said the government had seized properties worth over Rs 50,000 crore under Benami Transactions Act, Prevention of Money Laundering Act and other laws to deal with fugitive economic offenders.