Sunday, 19 November, 2017
Update
   Digambar moves for anticipatory bail; SIT searches Margao house   Centre may abolish export duty on medium grade ore   Meat complex goes out of business with no animals   Goans cross fingers as FC Goa begins campaign   Sleuths likely to file closure report in Bismarque case

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

31st December 2016, 12:00 Hrs

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.

Related news

Delta Electronics launches new high-densIty UPS

Delta Electronics, Inc., a global leader in power and thermal management solutions, announced the global launch of its 500kVA Modulon DPH series uninterruptible power supply (UPS). Read more

Cleartrip's Goa roadshow concludes successfully

India's leading online travel and leisure company, Cleartrip, expressed happiness over its successful roadshow held in Goa on November 14 at Le Meridien in Calangute. Read more

Drishti Marine's ferry service - Opening new horizons for Goa

The long-forgotten boat travels on Goa's seemingly beautiful, unexplored inland waterways are yet again set to redefine the way we travel and offer tourists a whole new experience Read more