Infosys co-founder N R Narayana Murthy said that the urban intellectuals did not buy the idea of demonetization which that the government implemented in the year 2016, but it did go down well with a majority of rural Indians, reports from PTI.

Murthy said this at a session with students of Presidency University, while speaking on the government's demonetization of high-value banknotes in November 2016.

"I am not an expert in economics but I saw that urban intellectuals did not buy the idea of demonetization, but a vast majority of rural Indians seemed to have welcomed it," he said at the event.

Murthy also said that he himself could not understand the logic behind the demonetization move, as he is not an expert on the subject.

"Though I am not expert, but as a layperson, I saw that when, for some reason, old 500 notes were demonetized, the government introduced new notes pretty quickly of the same denomination and even of higher Rs 2000 denomination. Only an expert can answer why this happened. I cannot understand you should talk to experts," Murthy added.