Demonetisation: RBI has enough currency stocks to last beyond 30 Dec, says Arun Jaitley

The Centre and the Reserve Bank of India were adequately prepared for demonetisation and have enough currency stocks that will last beyond 30 December, said Finance Minister Arun Jaitley at a press meet on Tuesday. He added that there has been no day when the RBI did not dispense adequate cash to banks.

 Demonetisation: RBI has enough currency stocks to last beyond 30 Dec, says Arun Jaitley

Reuters

Addressing rising concerns of irregularities, the finance minister assured that banks have been asked to take action against erring officials. Since exemptions on old currency notes are over, he reiterated that old currency notes should be deposited at one go as repeat deposits raise doubts.

Jaitley further said that payments through credit and debit cards and e-wallets have increased significantly after the move and many industries have shown a growth in digital payments by 300-1,500 percent.

Meanwhile, RBI deputy governor said that all ATMs have been recalibrated and economic affairs Secretary Shaktikanta Das assured that currency supply situation has improved considerably.

Tightening the cash deposit rules on Monday, the RBI and the finance ministry stipulated early in the day that customers can deposit old Rs 500 and Rs 1,000 notes worth more than only once per account.

Also the customer will have to explain satisfactorily why he or she did not deposit the cash before hand. Later in the night, Jaitley clarified that customers will not face questions even if they deposit more than Rs 5,000 if he or she does it in one go.

With inputs from PTI

Updated Date: Dec 20, 2016 15:12:52 IST