A Thai party close to ousted Prime Minister Thaksin Shinawatra announced Saturday it would backtrack on its nomination of the elder sister of the country's king as a prime ministerial candidate following the monarch's opposition to the selection.

The Thai Raksa Chart Party issued a statement saying it "accepted the...command with devotion to the king and all members of the royal family," adding it would "act in accordance with the rules of the Election Commission and the Constitution."

(Thai Princess Ubolratana Rajakanya attends a Thai Night 'Thailand where Films come alive' during the 17th Busan International Film Festival at the Westin Chosun Hotel on Oct. 9, 2012 in Busan, South Korea.)[Getty/Kyodo]

It also reportedly cancelled a campaign event scheduled for later in the day.

The party in a surprise move on Friday nominated Princess Ubolratnana Rajakanya, 67, as its candidate for prime minister in next month's general election.

However, later in the day King Maha Vajiralongkorn issued a palace statement calling her nomination "inappropriate" and "unconstitutional."

The statement noted that the princess should stay away from politics as her involvement would constitute an act that defies the Thai royal family's customs and traditions.

It is extremely rare for Thai royalty to get involved in politics, but the princess, reportedly has close ties with Thaksin, who lives in self-exile abroad.

In an Instagram post on Saturday, the princess thanked "all Thai people for your love and support" and that she wanted to see the country "moving forward."

The March 24 election will involve several populist pro-Thaksin parties, the pro-junta Palang Pracharath Party and the conservative, royalist Democrat Party.

Although the princess relinquished her royal title in the 1970s to marry a foreigner, she is still regarded by the public as a member of the royal family.