Terming the decision as a bold and 'courageous experiment, the SP leader went a step further as he claimed that 'proud' to have Narendra Modi as his Prime Minister.
Singh, whose party has slammed Modi for demonetisation, claimed the step has reduced the gap between rich and the poor and now people would pay taxes instead of evading them.
Though it was implemented without "proper arrangements", the sudden implementation of the move helped prevent "adjustment" of black money and unaccounted cash by hoarders, the Rajya Sabha member said on Friday.
Describing the decision as "courageous" experiment to eliminate black money, corruption and fake currency, Singh said he as "a countryman is proud to have such a Prime Minister who is so dedicated and adamant to root out corruption.
"According to him, now the black money hoarders are getting "sleepless nights".
"The people standing in queues outside banks are saying that the Prime Minister has punished all who have amassed huge wealth, whether they are from his party (BJP) or others," he said.
Even people who are facing problems and suffering are saying that they can bear the hardship for some days but will support the Modi-led government's demonetisation scheme to curb corruption, black money and terrorism, Singh said.
"I am not a BJP spokesperson but a SP Rajya Sabha member, whatever the opinion of my party might be on the issue but I have shared my personal view on it," he said.
However, he registered his protest against the "mismanagement" in implementing the demonetisation move, saying he was pained to the see people suffering due to it.
"I am not against this scheme, but the government's failure in making proper arrangement before implementing the scheme has only brought sufferings in the lives of common people which has pained each one of us," Singh said..
"What is the purpose of implementing a scheme due to which poor, farmers, small traders and common people have to suffer?" he said.
Singh claimed that due to demonetisation many companies have started reducing their staff to cut their cost.
Raising questions over the app-based survey by the Modi government over demonetisation, in which allegedly majority of people have supported the move, the Rajya Sabha member said there were "doubts" on the survey.