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Finance Minister: It will take up to 3 weeks before the new currency notes get in circulation
Posted on: 10/Nov/2016 9:47:47 AM
The central Finance Minister Arun Jaitley has informed that it may take up to 3 weeks for the new currency notes to get into circulation.
In an interview with the press, the central finance minister explained that the action of rendering currency notes of Rs. 500 and Rs. 1000 as invalid is a proper and honest decision made by the central government.Only those who have kept black money have reasons to worry.
This is not a disease-fighting plan. As per the tax laws, the people who keep the old Rs. 500 and Rs. 1000 currency notes will have to deposit them in the banks. It will take up to 3 weeks for the new currency notes to get into circulation.
Only a lesser quantity of new currency notes would be allowed for circulation.There will be various restrictions in this. However, the new currency notes will be circulated to the required quantity.
From 11th November, it will be possible to draw the new currency notes of Rs. 500 and Rs. 2000 from the ATMs. The public can take withdraw money as usual from the ATMs from 11th November.
The new currency notes can be withdrawn at a maximum of Rs. 2000/- per day from the ATMs. In banks, a maximum of Rs. 10000/- can be withdrawn per day and Rs. 20000/- per week.
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