Finance Minister Arun Jaitley. (Photo: PTI)
Finance Minister Arun Jaitley on Saturday took stock of the on-going currency replacement move taking place across India after the government decided to demonetise the old Rs 500 and Rs 1000 currency notes. He added that the inconevenience caused is a short-term impact, and the economy will gain massively in the long term.
While addressing the media in New Delhi, the FM said that he regreted the fact that people had to stand in long queus outside banks, but requested them to stay calm as the replacement was a time-consuming process and bank officials have been working over time.
He said further that the finance ministry is monitoring the currency replacement everyday. Cash flow in banks are 100 times more than usual business and it is obvious that it is a time-consuming process and one has to stand in long queues, said Jailtey.
The FM said, that in the last two and half days, SBI alone has carried out monetary transactions worth Rs 54,370 cr, while Rs 2.28 crore cash replacement transactions have been performed at the bank in these two and half days. In addition to this, Rs 47,868 cr have been deposited in the same period.
On the question of cash running out at ATMs, the FM informed that ATM recalibration had not been done before the move was announced to maintain secrecy. This recalibration was a manual exercise and would be completed in the next two to three weeks, he added.
Jailtey further refuted all rumours, inluding those regarding an alleged shortage of salt in seveal parts of the country.
There will be no exempion for religious organisations and NGOs as these will provide a gateway for transcations in black money.
Wholesale and large business dealers facing problems in carrying out daily activities have been adivsed to resort to digital transactions.