Sunday, March 26, 2017

Breaking News
   Oppn slams Parrikar, says Budget a financial package, lacks vision   Auto dealers in top gear as govt reduces road tax   Suspense ends, Lobo elected deputy speaker   Mixed reactions to focus on Mapusa   In the fast lane: Ponda taluka to witness better days ahead   Budget reels in good news for Mormugao taluka   Vasant lifts 8th mtca chess title   Joe Dias to head Salcete FC managing committee   Bodybuilding Fed Cup at Fatorda   FIFA unhappy with pace of work in Kochi   Salcete Zone GFA 2nd Division League   Stavlorn ‘tricks in Zaino’s big win   Defence Minister Parrikar\'s Nuclear Remark Stressed As \'Personal Opinion   After PM Modi Speech, Hawala (Money-Laundering) Spiked, Triggering Raids   Anger And Scramble To Stash Cash In Black Money Squeeze: Foreign Media   Long queues at banks on Day 1; cash crunch hits State   Customers, bankers kept on toes in Mapusa   Margao business, markets reel under liquidity crunch   Cash curbs paralyse ops in co-op societies   Black money: India to gain access to Swiss bank info from Sept 2019   No service tax on online rail tickets till Dec 31   \'If You Succeed, The Country Succeeds\': Obama Tells Trump During Meet

Sections

Business

Note ban: Normalcy restored to a large extent, says Jaitley

31st December 2016, 12:00 Hrs

Pic Credit: business - JAITLEY on note ban

PTI

New Delhi

Finance Minister Arun Jaitley said the currency situation has stabilised to a great extent but did not give any indication on lifting curbs on cash withdrawal from banks and ATMs though the 50-day window of demonetisation ended on Friday.

“RBI has sufficient stock to inject a lot more currency which they will continue. Yesterday, I had gone around Delhi and we're getting reports from all over the country the crowds at the banks have eased significantly,” he said.

Prime Minister Narendra Modi in a surprise announcement on November 8 declared the old Rs 500 and 1,000 notes invalid.

While RBI will continue remonetisation exercise which is market driven depending on how much currency it will require.

“RBI keeps in releasing that money. There are three categories. One, legitimate currency which continues to be a legal tender...the second category is that Rs 500/2,000 notes are being added every day by the RBI. There is third category which is not new currency, but with effect from tomorrow the entire currency in recirculation will be the legitimate permissible currency,” he said.

The Finance Minister further said that from tomorrow onwards banks will have only valid currencies.

When asked when the cap on withdrawal limit would be lifted, Jaitley said “please wait. When we decide we will let you know.” RBI directed banks to put a withdrawal ceiling of Rs 24,000 per account in a week and the withdrawal from ATMs have been limited to Rs 2,500 per day.

On rise in search and seizure operation by the tax department, he said “that only shows the mass scale and manner in which people have indulged in currency racketeering itself justifies the Prime Minister's decision of November 8.” On reaction to former Finance Minister P Chidambaram comment, Jaitley said “I would like to learn that economics where lower GDP leads to higher tax revenues.” Chidambaram wondered that how could there be buoyancy in revenue collection if GDP is moderating as projected by RBI due to demonetisation.

comments powered by Disqus