Use small sums for deposit & withdrawals, appeals FM

RSTV Bureau

Saying that demonetisation will create disruption cost to the economy Finance Minister Arun Jaitley said that once currency is available the advantages will be far more

MoS, Finance and Corporate Affairs, Arjun Ram Meghwal queues up outside an ATM in Bikaner Photo-PTI

MoS, Finance and Corporate Affairs, Arjun Ram Meghwal queues up outside an ATM in Bikaner
Photo-PTI

Union Finance Minister Arun Jaitley appealed to people queuing up at ATM’s to be patient. Jaitley said that replacing 86 percent of currency under circulation is a massive exercise and takes  a  month time.

“It will take 2-3 weeks times to re-calibrate 2 lakh ATMs for vend out new Rs 2000 and Rs 500 notes,” said Finance Minister.

New Delhi: People queue outside Banks and ATM machines in New Delhi, Nov 11, 2016. Photo - PTI

New Delhi: People queue outside Banks and ATM machines in New Delhi, Nov 11, 2016.
Photo – PTI

Jaitley said that government is constantly monitoring the cash crunch following demonetisation of currency and is keeping checks on dealings in defunct currency. Jaitley also said that tax authorities are keeping a close watch on deposits in Jan Dhan accounts

“Stock details have been sought from jewellers on reports of dealings in defunct currency; Govt will not allow any illegal transaction in bullion,” said Finance Minister.

Rejecting the rumours about a secret chip in the two thousand rupee notes Jaitley said no such mechanism is installed.

“Chip in Rs 2000 note; digital lockers are concocted rumours,” said Finance Minister.