Panaji, Nov 9 (IANS): Politicians who were hoping to win elections on the strength of black money have been checkmated, Chief Minister Laxmikant Parsekar said on Tuesday, calling Prime Minister Narendra Modi's decision to ban currency notes of Rs 500 and Rs 1,000 a "masterstroke" to check black money.

"It is a bold decision that can only be done by a man with a 56-inch chest. It is a benefit for the common man and the taxpayer and ultimately the nation... But for those who hoard money in suitcases, those politicians who were hoping to win elections with the power of money are checkmated," Parsekar said.

The Goa Chief Minister said at a press conference held late on Tuesday night at his residence that the Prime Minister's decision would make black money "vanish" from the market and help cut down inflation.

Parsekar also asked Goans not to panic.

"The state government will be helping out. Do not panic everyone who has nothing to hide will have nothing to lose," the Chief Minister said.