Need cash? May take 21 days for Indian ATMs to run normally

Need cash? May take 21 days for Indian ATMs to run normally


Published: Sun 13 Nov 2016, 5:59 AM

Last updated: Wed 14 Dec 2016, 2:57 PM

Finance Minister Arun Jaitley on Saturday rejected as "irresponsible" the criticism of political parties on the government's demonetization drive, saying some people are having problem with the cleaning up of the system.
Jaitley also said that spurt in bank deposits in the July- September quarter, which Delhi Chief Minister Arvind Kejriwal attributed to selective leak of the drive to BJP friends, was on account of payment of 7th Pay Commission arrears to government employees. "Different kinds of political reactions keep coming and some of them are even irresponsible. Some people have a problem with this attempt of cleaning up the political system," he told reporters here.
Dismissing the suggestions that one week should have been given to people to adjust, he said this would have amounted to leaving everyone to go scot-free and "this gives the whole game away (of cleaning the system)".
Kejriwal has dubbed the demonetization of Rs 500 and Rs 1,000 currency notes a "huge scam" and alleged BJP had told all its "friends" about the move much before Prime Minister Narendra Modi's announcement.
He termed the Centre's decision as a "surgical strike" on common man's "small savings" and not on "black marketeers" and demanded its immediate roll back.
Congress spokesperson Kapil Sibal has described the demonetization as another "jumla" (gimmick) for political reasons and suggested that BJP should make public all its expenses in upcoming polls in UP, Punjab and other states if it was serious about eliminating black money and corruption. On Congress party's assertion that why should people stand in queue to get their own money back from banks, Jaitley said it is the right of the government to know whether the money has been legitimately earned.
"Whether you have paid tax on your money, people of the country and government have the right to know. Even on your own money, you have to pay tax and that is what we are trying to ensure. And this money has come through legitimate means or not, that also the country has a right to know," the Finance Minister said.
On criticism about spurt in bank deposits in the second quarter of the current fiscal, Jaitley said: "One more irresponsible comment has been given that since bank deposits increased between July-September, so some people would have prior information on this." He said he has seen the RBI data which shows that there was spike in deposits in September and it was because of release of the pay commission arrears on August 31. And on the basis of that data, he said, people are creating "imaginary stories".
Some people, he said, are spreading "irresponsible rumours" like the one of salt unavailability. "It (salt) is there in adequate quantity in every state." Jaitley further said that some of these rumours started on day one like there is a chip fitted on Rs 2,000 rupee note and there are going to be digital lockers. "These are all concocted rumours. Today's statement that these were known to people earlier, these are all taking liberties with truth," he added.

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