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.

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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.

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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.