Remonetisation: RBI closely monitoring cash position on a daily basis, says FM Jaitley

New Delhi: Finance Minister Arun Jaitley on Thursday said that situation is normal as far as remonetisation is concerned.

He further said that RBI is monitoring cash position on a daily basis.

Talking to reporters on the sidelines of 'Momentum Jharkhand Global Investors' Summit 2017 in Ranchi, Jaitley said cash economy has many vices as it leads to crime and tax evasion.

Therefore there was need to change the way the trade and commerce is undertaken in the country, he added.

When asked about the amount of scrapped currency received by banks post demonetisation, the Finance Minister said RBI Governor Urjit Patel had recently informed that the central bank would disclose the figure only after the process of currency verification is complete.

Post demonetisation there was a cap on withdrawal from ATMs, but gradually it has been eased. However, there still exists a weekly cap of Rs 24,000 on withdrawal from ATMs, in line with the ceiling on savings bank accounts.

RBI has announced that the Rs 24,000 weekly cap will be enhanced to Rs 50,000 from February 20. All the limits on cash withdrawal will be removed on March 13.

With Agency Inputs