Say goodbye to old Rs 500, 1000 notes before new year; government may not extend deposit deadline of Dec 30

Amid chaotic situation among the common people following the implementation of the demonetisation policy, the government, in a statement made at the Rajya Sabha, today, claimed that there are enough new currency notes available with the Reserve Bank of India (RBI). The government also stated that it is not considering to extend the deadline of December 30 for the replacement of old currency notes from the banks.

“There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs 100 has already been increased,” Minister of State for Finance Arjun (rpt) Arjun Ram Meghwal said in a written reply.

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

To another question, Minister of State for Finance Santosh Kumar Gangwar said RBI advises banks from time to time to enhance security arrangements at their branches and ATMs. This include coverage of ATM sites by CCTVs and ensuring adequate



training of security staff posted there. Banks have also been advised to review and strengthen the security arrangements in their branches/ATMs to deal with instances of robberies and risk perceptions emerging from such incidents.

Citing the increasing need to curb the flow of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000. And even more than three weeks after the implementation of the anti-graft policy, people had been seen standing on long queues, outside banks and ATMs, waiting for hours to replace their scrapped currency notes and collect usable cash.

Post implementation of the note ban policy, political storm erupted across the country, with opposition parties blaming the center for the continuing public distress. And amid heated arguments and political uproar, parliamentary houses had been witnessing repeated adjournments, hindering the proceedings of the winter session. Even on the 10th day of the parliamentary winter session, today, both the Rajya Sabha and the Lok Sabha had been adjourned till tomorrow 11 am.