NEW DELHI: Union Finance Minister Arun Jaitley said that the government was forced to reduce the exchange limit of demonetized notes to Rs 2000 as people misused the scheme to convert black money to white. The Minister also reiterated that there will not be any second thought on pulling back of demonetization as demanded by Mamata Banerjee and Arvind Kejriwal on Thursday.
“Indian citizens have understood the importance of this step and are cooperating with the government despite inconvenience being caused. What I do not understand is the stand of opposition parties. I want them to clarity on whether they are fighting for black money or for the people of India”, the Finance Minister said.
Explaining the government’s decision to reduce the exchange limits, the Minister said, “Keeping in view of the daily essentials, we have allowed for a daily exchange limit of Rs 4500. But, it has come to our notice that many are using this window to convert their black money to white. In order to counter this, we have reduced the withdrawal limit to Rs 2000. We will also look into the possibilities of making bank account number a mandatory for cash exchange”.
Earlier, the Indian government gave some relief to the citizens by allowing withdrawal limits of Rs 50,000 and Rs 2,50,000 for farmers and marriages respectively. However, it is evident that people may misuse this provision due to various reasons. Not only this, the government has directed over 20,000 petrol pumps in the country to dispense Rs 2000 per person per day. As per the new initiative, citizens can swipe their cards at petrol pumps to get Rs 2000 in cash.
Also, Mr.Arun Jaitley assured that all the ATMs in the country will start functioning within ten days. “We have taken into consideration the problem of recalibrating ATMs. The specially formed task force for this purpose is working on it and we have already recalibrated 22,000 ATMs to dispense Rs 500 and Rs 2000 notes. Everything will be normalized within 10 days“, the minister added.