Published: Sun, November 13, 2016
Economy | By Melissa Porter

Taking Time To Reset ATMs For New Bank Notes, Says Arun Jaitley

Taking Time To Reset ATMs For New Bank Notes, Says Arun Jaitley

The Reserve Bank of India's original proposal was to issue high-value new currency notes in the denominations of Rs 5000 and Rs 10,000, but the Centre finally made a decision to go in for Rs 2000 currency notes, Finance Minister Arun Jaitley disclosed here today.

Government sources have told Hindustan Times that ATMs will take much longer, than what was initially expected, to be ready to dispense the newly minted 2,000-rupee notes. In the process of recalibration, ATM sensors have to be changed to enable them to dispense the new currency notes.

The Finance Minister cited requests from farmers' groups, tea plantation workers, and temple managements, and said these groups had sought exemptions for transacting in demonetised Rs 500 and Rs 1000 currency notes.

Urging people not to "rush" to banks and ATMs in the first three-four days as deposits/withdrawals will be done till December 31, the Finance Minister appealed to people to "rely more on electronic mode, payment gateways, cards etc".

"Since new notes are of different sizes, it is taking time to recalibrate the ATMs". In most places, especially in cities, two of these cassettes were used to hold notes in denomination of Rs 500, and the remaining two were split between Rs 1,000 and Rs 100 notes. Congress today said why should we stand in queue as it is our money, but have you paid taxes to the people on your money?

He said the Government was aware that people may have to face some difficulties as it is a massive operation.

On misuse of Jan Dhan accounts, the Finance Minister said "if anybody is found indulging in any form of unlawful activity, the department concerned will take it up and is keeping a close watch". "We will check these", he said.

Addressing a press conference, Mr Jaitley warned that the Government would not tolerate any illegal transition in bullion or in cash.

This is in contravention to the initial assurance given by the government, as also to the assurance given by the BJP president Amit Shah at a specially called media briefing on Friday at the party headquarters. However, as per RBI records, in last one year, there was spike in deposits in September only.

There have been many political statements and some have been very irresponsible. "The capacity of the banks with all this additional capital to lend and support businesses is going to be far higher".

I have seen all the data, it is apparent that it was because of the arrears of the pay commission. "It will keep life simple".

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