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Final good bye to Rs 1000 and Rs 500 old notes, as govt will not extend December 30 deadline

"No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government."


By   |  Updated On : November 29, 2016 08:00 PM
 Final good bye to Rs 1000 and Rs 500 old notes,as govt will not extend December 30 deadline

Final good bye to Rs 1000 and Rs 500 old notes,as govt will not extend December 30 deadline

New Delhi :  

Government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for depositof invalid Rs 500 and Rs 1,000 notes.     

The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes and withdraw new cash.      "There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs100 has already been increased," Minister of State for Finance Arun Ram Meghwal said in a written reply.     

On whether the December 30 deadline will be extended, he said, "No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government."     

To cater to the requirements of rural areas, banks havebeen advised to supply notes of smaller denominations (Rs 100and less), Meghwal added. As on November 8, the day demonetisation was announced,there were 1,716.50 crore pieces of Rs 500 and 685.80 croreRs 1,000 notes in circulation.     

To another question, Minister of State for Finance Santosh Kumar Gangwar said RBI advises banks from time to timeto enhance security arrangements at their branches and ATMs.     

This include coverage of ATM sites by CCTVs and ensuringadequate training of security staff posted there.Banks have also been advised to review and strengthenthe security arrangements in their branches/ATMs to deal withinstances of robberies and risk perceptions emerging from suchincidents. 

First Published: Tuesday, November 29, 2016 07:54 PM

POPULAR TAGS: Demonetisation, Rbi,


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