No plan to extend last date to deposit old notes beyond 30 Dec: Government

The govt informs Rajya Sabha that it is not considering to extend the deadline of 30 December for deposit of ols notes Rs500 and Rs1,000 banknotes


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. Photo: Reuters
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. Photo: Reuters

New Delhi: The government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of 30 December for deposit of demonetised Rs500 and Rs1,000 banknotes.

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 30 December 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 have been advised to supply notes of smaller denominations (Rs100 and less), Meghwal added.

Also Read: Demonetisation: RBI relaxes withdrawal norms, nudges retailers to deposit cash

As on 8 November, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs500 and 685.80 crore Rs1,000 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.

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