Demonetisation: Maha FM asks people not to panic

Maharashtra Finance Minister Sudhir Mungantiwar today urged people not to panic in the wake of demonetisation of old Rs 500 and Rs 1,000 notes as the state government has made elaborate arrangements for their exchange at bank branches.
Mungantiwar said that besides nationalised and private banks, state government has asked its central district cooperative banks and district cooperative banks to accept the old demonetised currency notes.
He also said the government has asked Maharashtra Director General of Police (DGP) Satish Mathur to deploy police personnel at banks to deal with law and order situation.
"The government will also depute its Revenue Department officials at banks to assist them and the people in filling up the currency notes exchange forms," he told reporters here.

Commenting on the problems being faced by people, Mungantiwar said the government will intervene if required.
He clarified that there is no restriction imposed on the amount of money people can deposit in their bank accounts.

He said that the Reserve Bank of India (RBI) has deputed three nodal officers and three cash vans per division to ensure smooth transporting of currency notes to banks.
Mungantiwar said there is adequate stock of Rs 100, Rs 50, Rs 20 and Rs 10 denomination notes for the next five days.
He said while depositing old demonetised currency notes, one has to fill up a small form and will have to attach copy of any proof of identity like Aadhar Card, passport or PAN card.

The minister also said the RBI has issued circulars asking banks to open one hour earlier than their scheduled opening hours.
Mungantiwar said there will no restriction on overdraft, demand draft, card transactions and Internet banking.
He termed Prime Minister Narendra Modi's move to demonetise old Rs 500 and Rs 1,000 notes as a day of economic freedom for the country.
He said the move will put an end to tax evasion, corruption, counterfeit notes and parallel economy.
Mungantiwar said the state government expects an increase in Sales Tax revenues in the next two days as traders will have to reflect the same in their books and pay the tax.

Commenting upon the stranded tourists at various places, he said instructions have been issued to the Tourism Department officials to help them with food.