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No plans to reissue 1,000 note: Arun Jaitley
Union Finance Minister Arun Jaitley on Thursday ruled out any plans to remonetise Rs 1,000 notes and defended the decision to reduce the exchange limit for demonetised notes to Rs 2,000.
New Delhi: Union Finance Minister Arun Jaitley on Thursday ruled out any plans to remonetise Rs 1,000 notes and defended the decision to reduce the exchange limit for demonetised notes to Rs 2,000.
“As of now, there is no plan to reintroduce Rs 1,000 note,” he said.
“The government’s decision to limit the exchange of banned Rs 500 and Rs 1,000 notes to Rs 2,000, from the existing cap of Rs 4,500, will stop the misuse of funds,” Jaitley told reporters in New Delhi.
The Finance Minister also said 22,500 automated teller machines (ATMs) would have been recalibrated by Thursday.
“Some 22,500 ATMs will be recalibrated today to allow withdrawal of Rs 100, Rs 500 and the Rs 2,000 notes. Nearly 200,000 ATMs exist as of now,” he added.
Jaitley said there was no dearth of cash due to demonetisation, and banks were being supplied adequate currency by the Reserve Bank of India (RBI).
He expressed regret at the political Opposition over the move but ruled out a rollback. “The RBI is providing adequate notes to currency chests. There are around 4,400 of them.
There is absolutely no shortage,” Jaitley said, while asking people not to believe gossip mongers who were spreading misinformation.
“Unnecessary panic is being spread. But I didn’t expect Chief Ministers of some states joining this,” Jaitley said, in an obvious reference to West Bengal’s Mamata Banerjee and Delhi’s Arvind Kejriwal, who had threatened an agitation if the demonetisation was not rolled back.
“There is no question of a rollback,” Jaitley said emphatically. “I have myself seen in bank branches… deposits are taking place… withdrawals are taking place.
In the next few days, we’d have completed the world’s largest exercise in currency replacement,” he said, complimenting the bank employees on their commendable job.
