Govt working hard to address problems faced by people post demonitisation steps: Venkaiah Naidu

Last Updated: Nov 11, 2016, 11:04 AM IST
Govt working hard to address problems faced by people post demonitisation steps: Venkaiah Naidu

Zee Media Bureau

New Delhi: Union Urban Development Minister Venkaiah Naidu on Friday, reiterated that government has gone all out in addressing problems faced by people due to scrapping of Rs 500 and Rs 1,000 currency notes. 

He added that while the announcement to demonetise Rs 500 and 1000 notes was sudden, there was a long preparation behind it.

He appealed to the news media not to project the problems faced by people in negative light. How will farmers face problem, agricultural income is not taxable? Naidu queried.

"Buses, metros, everything except black money is moving". He said that the common man's routine has not come to stand still. 

Naidu added that this historic step is being hailed by all except by a few vested interests.

With the parallel economy acquiring menacing proportions, government has taken this decisive and bold measure of scrapping the high denomination currency of Rs 500 and Rs 1000 from circulation, said Naidu

The move is aimed that curbing black money in the economy and related activities.

People are thronging banks to replace the old currency notes. With the ATMs opening on Friday, nearly 48 hours post Prime Minister Narendra Modi`s radical announcement about scrapping of the 500 and 1000 rupees notes, long queues made by anxious citizens aware seen across the nation with the new currency notes available for withdrawal.

People, however, can deposit the old notes of 500 and 1,000 rupee notes in banks or post office accounts from November 10 till December 30, 2016 without any limit. 

 As the new Rs 2000 notes come into circulation, government is going to closely monitor and release new notes.

Banks have been asked to remain open on weekends including Sunday tin order to meet the concerns and replace the old currency with the new ones.

So far, there is a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit, however, will be increased in the coming days.

People can exchange old notes of 500 and 1,000 rupee notes at any bank or head post office or sub-post office with a daily limit of Rs 4,000 while showing ID proof up to November 24.

Withdrawal from ATM will be a restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000 later.