Government to introduce new Rs 50 and Rs 100 denomination notes
“There has been an Indian tradition to keep small amounts of cash at home for exigencies and emergencies,” Jaitley said. He further added, “They can exchange that and deposit it in their accounts and the revenue department is not going to take notice of these small depositors
New Delhi: After demonetisation of old Rs 500 notes and Rs 1000 notes, the Centre has also decided to replace smaller denomination currency notes of Rs 50 and Rs 100. These notes would also be replaced by new denomination incorporating new features and design.
The government has also decided Rs 1000 denominations again in the economy but with enhanced security features.
Shaktikanta Das, Secretary of Economic Affairs, said that the new currency notes would gradually infused in the system and the old series would slowly be phased out. “They would soon be in circulation,” he stated.
“The Reserve Bank of India (RBI) is going to monitor the release of the Rs.2,000 notes, and in due course, within a few months, the Rs. 1,000 note will be reintroduced into the market with completely new dimensions, new design and new colour from the old one,” Das said at the Economic Editors Conference.
The Reserve Bank of India (RBI), however, has ordered the ATMs to dispense only Rs 50 and Rs 100 denomination notes only. The ATMs have started functioning since Friday and have been directed not to dispense any Rs 1000 or Rs 500 denominations.
Depositors not to face questions on deposits:
Finance Minister, Arun Jaitley who was also present at the function said that the government has promised that nobody would face any questions or harassment for small deposits made in banks.
“There has been an Indian tradition to keep small amounts of cash at home for exigencies and emergencies,” Jaitley said. He further added, “They can exchange that and deposit it in their accounts and the revenue department is not going to take notice of these small depositors. It’s only those with large amounts of undisclosed money who will have to face the consequences under the tax laws.”