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Published On: Wed, Nov 9th, 2016

Govt assures minimum inconvenience due to currency notes ban: FM

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arun-jaitleyNEW DELHI: The Centre has assured the people that it will do its best to minimize their inconveniences they may face for a short period due to the scrapping of currency notes of 500 and 1000 rupees.

Briefing reporters in New Delhi this evening, Finance Minister Arun Jaitley said, the new series of notes of 500 and 2000 rupees will be available in banks and post- offices from tomorrow. He said, there will be adequate availability of these notes in banks and post offices in the coming days and people will not face any difficulty in replacing their old notes.

He said, Government believes that the decision to scrap 500 and 1000 rupee notes has been welcomed everywhere and this major step will enhance India’s credibility. Mr Jaitley mentioned that the initiative will help curb the black money and parallel economy as they impact the actual economy. He said, the decision will help expand the country’s GDP.

He also said, the decision is of significant advantage to the economy and both Centre and States will benefit from with more revenue accruing in the economic system. Mr Jaitley said, the move will take India towards cashless economy.

Finance Minister said that Indian economy needs to become cashless soon and people with legitimate cash should not worry at all.  Jaitley articulated that the latest step by the government to demonetise Rs 500 and Rs 1,000 notes has made people with black money worried.

He said all the arguments against this latest move is only by those who possess substantial amount of black money. Jaitley informed that people who have cash stashed at home should not panic and get it exchanged in nearby banks and post offices.

He said that the demonetisation move shows it pays to be honest. It may prove to be inconvenient for sometime but long term prospects are bright, he added. Jaitley also added that real estate will become more affordable now.

Meanwhile, Questioning the decision of government to scrap Rs 500 and Rs 1,000 currency notes, veteran Congress leader and former finance minister P Chidambaram said that it’s difficult to comprehend how a Rs 2,000 note will fight graft. He labeled the Rs 2,000 note a puzzle.

In the press briefing Congress party expressed doubt over an effective implementation of such a drive comparing the same to the time when Janata Party government unsuccessfully did the same in 1978. He also added that implementation of this latest step may require around Rs 20,000 crore. He further said that speedy implementation of this step is a real test for the government.

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