No plan to reintroduce Rs 1,000 note, Arun Jaitley says

NEW DELHI: “The government’s decision to limit the exchange of banned Rs 500 and Rs 1,000 notes to Rs 2,000+ , from the existing cap of Rs 4,500+ , would stop misuse of funds,” finance minister Arun Jaitley said on Thursday.

Jaitley also ruled the possibility of reintroduction of Rs 1,000 note in immediate future. “As of now, there is no plan to reintroduce Rs 1,000 note,” he said.

The finance minister also said that 22,500 ATMs will be re-calibrated today.

Earlier in the day, the government eased restrictions on cash withdrawal by farmers and families with upcoming weddings+ .

Economic affairs secretary Shaktikanta Das said now families preparing for a wedding can withdraw up to Rs 2.50 lakh from bank account giving PAN details and self declaration.

However, with effect from tomorrow individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, only once till December 30.

Besides, farmers who have taken crop loan or have kisan credit card can withdraw Rs 25,000 per week. Also those who have got payments through RTGS or cheque deposit in KYC compliant bank account can withdraw an additional Rs 25,000 a week. This takes the total cash withdrawal limit for farmers from KYC complaint bank accounts to Rs 50,000 per week.

Das said ever since the demonetisation announcement was made, a lot of representations have come to Prime Minister and finance minister Arun Jaitley to ease withdrawal norms for wedding purposes.

“It has been decided that for wedding ceremonies which are going on, up to Rs 2.50 lakh will be permitted to be drawn from the bank account… and that has to be drawn one person per marriage and can be drawn either from the account of the father or the mother or the account of either of the boy or girl, who are getting married, and these accounts naturally will have to be KYC compliant,” he said.

Das said PAN details would have to be mentioned for such withdrawals and a self declaration also will be obtained that the money has been drawn only from one account.

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