Political reaction to demonetisation ‘irresponsible’: Arun Jaitley

Jaitley dismissed the rumour of salt deficiency and inbuilt electronic chip in Rs 2000 notes. "These are concocted rumours," said Jaitely. The minister urged people to stagger depositing defunct currency and not crowd banks

By: Express Web Desk | New Delhi | Updated: November 12, 2016 4:34 pm
demonetisation, Rs 500 note, Rs 1000 note, Rs 2000 note, arun jaitley, demonetisation process, ATMs, narendra modi, indian express, india news Union Finance Minister Arun Jaitley. (PTI Photo)

Dismissing criticism over demonetisation of Rs 500/1000 notes, Finance Minister Arun Jaitley on Saturday that people will face difficulty for the first few days but it is a massive operation to curb black money. He added that it was not possible for the government to inform people about this decision in advance as “we had to maintain its secrecy as well”.

Jaitley slammed the Oppositon for condemning government for the move, Jaitley said that different political reactions are coming out of which some are really “irresponsible”. “Congress said it’s our money why should we join the line . But how do we know whether you have paid tax on your money,” said Jaitley.

Talking about the banking transaction after the demonetisation, Jaitley said, “SBI bank has alone completed 2 crore 28 lakh transactions in last two days, be it for deposit, exchange or any other form. Bank officials are working from morning to late night, people are also cooperating well despite all difficulties.” He said “its a big regret that people are being inconvenienced” and added that it will take 2-3 weeks times to re-calibrate 2 lakh ATMs for vend out new Rs 2000 and Rs 500 notes.

Jaitley also said that despite allegations by opposition parties that there was spike in bank deposits leading up to the demonetisation announcement, no such spike has been seen in any month, except September 2016. “That month the increase was because of money released on account of the Seventh Pay Commission payments,” he added.

The minister dismissed the rumour of salt deficiency and inbuilt electronic chip in Rs 2000 notes. “These are concocted rumours,” said Jaitely. The minister urged people to stagger depositing defunct currency and not crowd banks.

Responding to the jewelers converting defunct currency into gold, Jaitley said that stock details have been sought from jewelers on reports of dealings in defunct currency. “Government will not allow any illegal transaction in bullion, said the minister.

The minister appealed the people to stagger depositing defunct currency and not crowd banks.

Jaitley also said that all sections were looked after by the government. “One of most deprived sections of workers — MNREGA workers — get their money in bank accounts; no reason for anyone to feel deprived,” he said.

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  1. A
    Nov 13, 2016 at 3:34 am
    Govt is taking 500 and 1000 notes in exchange of 2000 notes and this will create shortage of change in circulation. This is not the change people expected from Modi sarkar. People will change this sarkar soon.
  2. B
    Nov 12, 2016 at 12:18 pm
    Jaitley, we understand that it was the compulsions of election campaigns that dictated the demonetization date and not your preprdness. It may just go against you!
  3. M
    Nov 12, 2016 at 12:09 pm
    Get an app on smart phone asking people to fill out form. Call them to come with money on specified day at specified bank/post office even if it is beyond the specified date. Many can afford to wait until you are ready. lt;br/gt;lt;br/gt;Then deal with others on fast track basis who need to exchange their money quickly. This will reduce the pressure on the system to a large extent.
  4. S
    Sanjay Kumar
    Nov 12, 2016 at 11:39 am
    he loves India and wants its development why did he opposes UPA's demonetisation proposal in 2014 saying it will hit the poor. Now he is doing samething.
  5. A
    Nov 12, 2016 at 10:58 am
    Mowdy says, very brilliantly planned, this money scheme...lt;br/gt;lt;br/gt;But, didnot check that the new notes will NOT fit in atm, as different size...lt;br/gt;lt;br/gt;Is this brilliant?
  6. D
    Nov 12, 2016 at 12:27 pm
    Bombta Baneejee and Khujli have been completely exposed. Jihadi money and Khalistani money are now mere pieces of paper.
  7. B
    Barb Dewyre
    Nov 12, 2016 at 12:15 pm
    Jaitley, how easy it is to pontificate when you have home delivery for your limitless cash!
  8. G
    Nov 12, 2016 at 12:28 pm
    One of the biggest effect of this silent raid is that these politicians have lost power.Not just at the time of the elections,even while they are ruling, their entire machinery runs on black money, 80% of workers of these politicians are in fact 'employees' who work for them because they get their cut, of course in black. Now with the entire money gone in one slap, their entire empires are collapsing. Indians will realize in few months time that how this one move has made hawala operators, criminals, corrupt politicians and bureaucrats powerless in one slap.
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