No need to rush to banks for replacing currency as govt has given enough time: FM

10 November, New Delhi

Union Finance Minister Arun Jaitley Thursday said that demonetisation of 500 and 1000 rupee notes will have an impact on small purchases for a few days, but it is beneficial in long run.

Inaugurating the Economic Editors Conference in New Delhi, the Minister said government has not shied away from taking necessary decisions.

He said, there is no need to rush in initial days for replacing currency, as government has given enough time. He said instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth.

The Finance Minister also assured that people depositing small amounts will not face any problem and revenue department will not take notice of small depositors. He said it is only those with large amounts of undisclosed money who will have to face the consequences under existing laws.

Speaking on the occasion, Economic Affairs Secretary Shaktikanta Das said, new color combination and new design of 1,000 rupee notes will be released in a few months.

He said, 1000 rupee notes, banned as part of black money crackdown, may return with new security features. He said, the process was on for the last few months and only 2 to 3 people in RBI were involved in designing of notes. He said, RBI is going to monitor and regulate the release of 2000 rupee notes.

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