Arun Jaitley says no need to rush, govt to ensure requisite currency

Live mint By PTI Thu, Nov 10 2016. 01 22 PM IST

Arun Jaitley also says the government hopes to implement the GST from 1 April as only one issue of dual control is left to be sorted out.

Jaitley said people depositing small amounts will not face any problem, as the revenue department will not take notice of small depositors. Photo: PTI

New Delhi: Finance minister Arun Jaitley on Thursday urged people not to rush to withdraw cash as the government was taking all measures to arrange the requisite amount of replacement currency for exchange of old notes of Rs500 and Rs1,000 denomination that have been demonetized.

The government demonetized Rs500 and Rs1,000 denomination notes on Tuesday and will replace them with new notes of Rs500 and Rs2,000 denomination with enhanced security features.

“The government is trying to ensure requisite replacement currency is available at the earliest,” he said, adding the banks will remain open over the weekend to help people get alternate currency notes.

On deposits, Jaitley said people depositing small amounts will not face any problem, as the revenue department will not take notice of small depositors.

“Deposits within exemption limit can be made without any questions being asked, large amounts will face consequences,” the finance minister clarified.

The government also hopes to implement the goods and services tax (GST) from 1 April 2017, as planned, the finance minister said. He added that only one issue of dual control is left to be sorted out, and hoped that it will get resolved soon. PTI

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