Demonetisation: Rs 1,000 notes will not be reintroduced as of now, says Arun Jaitley
The finance minister also said as many as 22,500 out of the two lakh ATMs across the country will be recalibrated on Thursday.
Union Finance Minister Arun Jaitley on Thursday announced that the government has put on hold the plan to reintroduce Rs 1,000 notes. Jaitley also said that as many as 22,500 out of the two lakh ATMs across the country will be recalibrated for the new currency notes on Thursday.
The finance minister lauded the government’s decision to limit the over-the-counter exchange of currency notes to Rs 2,000 from the earlier amount of Rs 4,500. He said that he is confident that the step will “stop misuse of funds”. Jaitley further added that the decision to allow families, who are in need of cash because of upcoming weddings, to withdraw Rs 2.5 lakh per person will bring “big relief” to the common man.
Earlier in the day, Economic Affairs Secretary Shaktikanta Das had announced a slew of changes to money withdrawal policies following the Centre’s decision to demonetise Rs 500 and Rs 1,000 notes on November 8. Apart from limiting the over-the-counter exchange of old currency notes and allowing families to withdraw Rs 2.5 lakh per person for weddings, the Centre has also decided that farmers can take up to Rs 25,000 per week against crop loans and withdraw Rs 25,000 from accounts that are credited by cheques or real-time gross settlements. Registered traders will also be allowed to withdraw Rs 50,000 per week while Central government employees up to Group C can take salary advances of Rs 10,000 in cash.
The Centre’s surprise decision to demonetise high-value currency has met with massive criticism from Opposition parties, which have also brought up the matter in Parliament. The Congress has accused the government of introducing “financial anarchy” in the country because of the sudden shortage of cash. However, the Reserve Bank of India has said there is enough cash in the country.