Amid the opposition parties’ continuous crackdown in the parliament, the centre govt is not looking in any mood to roll back its decision to demonetize Rs 500 and 1000 notes. The government stated in Rajya Sabha (Upper House) that it is not considering to extend the deadline of December 30 for the replacement of old currency notes from the banks.
What did Centre Govt say in Parliament in order to extend Dec 31 Deadline for depositing old Rs 500 and 1000 currency?
However, the chaotic situation in banks and the common people following the implementation of the demonetization policy has tensed the centre govt. and RBI as well. Although in a statement made in the Rajya Sabha today, the govt. claimed that there are enough new currency notes available with the Reserve Bank of India (RBI).
“There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs 100 has already been increased,” Minister of State for Finance Arjun Ram Meghwal said in a written reply.
Meghwal also claimed that to cater to the requirements of rural areas, banks have been advised to supply notes of smaller denominations (Rs 100 and less). As on November 8, the day demonetization was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs. 1,000 notes in circulation.
Post implementation of the note ban policy, a political storm erupted across the country, with opposition parties blaming the centre for the continuing public distress. And amid heated arguments and political uproar, parliamentary houses had been witnessing repeated adjournments, hindering the proceedings of the winter session. Even on the 10th day of the parliamentary winter session, today, both the Rajya Sabha and the Lok Sabha had been adjourned until tomorrow 11 am.
Citing the increasing need to kerb the flow of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetization policy, following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000.