Replacement notes in banks, post offices from today: Arun Jaitley

Arun Jaitley said the government has asked banks to remain open through Saturday and Sunday to deal with the anticipated rush.

By: Express News Service | New Delhi | Updated: November 10, 2016 8:57 pm
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AMID PUBLIC anxiety over availability of currency after high-value notes were pulled out of circulation, the government assured banks and post offices would start giving out replacement notes beginning Thursday even as it expanded the list of public utilities that can accept the old high-denomination currency notes.
“Through RBI’s currency chest, adequate currency is [being] provided in all banks and post offices. But it would require two, three weeks for full adequate replacement. It would begin tomorrow morning,” Finance Minister Arun Jaitley said Wednesday.

WATCH VIDEO: Here’s What The New Rs 2000 Note Looks Like

He said the government has asked banks to remain open through Saturday and Sunday to deal with the anticipated rush.

Jaitley said withdrawal limitations — Rs 2,000 a day with an ATM card, and Rs 10,000 per day or Rs 20,000 a week from a bank account — will continue for some time. “As and when more currency comes into the banking system, there will be a rethink on those limitations,” he said.

AUDIO:  Worried About Replacing Rs 500 & Rs 1000 Notes? Don’t Fall For This Fraud Call

The government said honest taxpayers as well as housewives and farmers with genuine savings have nothing to worry while depositing old currencies in their bank accounts but tax authorities would keep a close watch on high-value deposits made from illicit sources, black money or crime money. Housewives, farmers and those whose annual income is within the exemption limit may not come under scrutiny of tax authorities for depositing up to Rs 2.5 lakh in now-defunct higher denomination currency notes.

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  1. S
    Sankaran Krishnan
    Nov 10, 2016 at 6:58 am
    It is better if Govt. gives direction to the Banks to handle with humanitarian grounds with the customers and work beyond the working hours to cater to the needs of the citizens of this country for the next few days or till this weekend to ease the pressure for both the public and its employees.The general public also panic though most of them are having Debit Cards if not the Credit Card for transactions and hope they will also cooperate with the Banks in this regard.
    1. N
      Niladrinath Mohanty
      Nov 10, 2016 at 3:54 am
      One valid point was raised. The convenience or inconvenience of people traveling(especially long distance) and on holiday has not been considered.
      1. N
        Nov 10, 2016 at 7:02 am
        What Mr Jaitley will not tell you is that the notes are in short supply. THis morning, ICICI Bank could give only Rs 50 and Rs 2000 notes ! The new 500 note was missing.They did not have any Rs 100 notes;br/gt;lt;br/gt;The Rs 2000 note is very difficult to use for purchases, since no one can give you Rs 100 notes for change and there is no Rs 500 note ! So, paying autos, taxis , buying simple provisions etc is next to impossible.The banks are not really that well stocked with useful denominations and the Minister is just talking every one up that everything will be smooth.
        1. I
          Nov 10, 2016 at 3:13 am
          All black money / corruption money is generated with the help of all government and government employees. Now why this sudden decision . It is in view of the coming elections in Punjab , UP , Goa and Gujarat. Many opposition political parties other than BJP are handicapped by this decision. Government has instructed to monitor deposits more than 2.5 lacs before Dec31 . Good decision . I also suggest that Government should also collect information of such deposits or conversions from higher denominations to lower denominations in the last two months. This will bring out the list of corrupt men inside the government team .
          1. R
            Raj V
            Nov 10, 2016 at 1:55 am
            Please do this meticulously to help large number of general public. Handicapped persons and senior citizens should be given priority over others.
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