New Delhi: The public will be able to withdraw the new Rs500 and Rs2,000 notes from automated teller machines (ATMs) latest by Friday even as the government stressed that there is no need for genuine taxpayers to panic as adequate measures have been put into place to ensure a smooth transition.
Finance secretary Ashok Lavasa said the common man may face some difficulties but the government is taking steps to address this.
“For the common man’s convenience, a number of steps have been taken by the government and facilities are in place to withdraw money from ATMs, bank accounts and to exchange currency at banks,” he said, adding that the move would help weed out the menace of corruption.
He expressed hope that the situation will settle in the next few days.
Revenue secretary Hasmukh Adhia encouraged the public to come forward and deposit their notes in their bank accounts.
“We will encourage people to deposit all their money, how we deal with that cash, how we sort of take it into income tax that we will see,” he said.
Central Board of Direct Taxes chairman Sushil Chandra said that the tax department is still formulating on the threshold based on which banks will report these deposits to the tax department.
“Genuine tax payers have nothing to worry,” he said.