The government is not considering extending the December 30 deadline for depositing the demonetised Rs 500 and Rs 1,000 notes, whose demonetisation was announced on Novemeber 8, Parliament was informed on Tuesday.
"No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government," Minister of State for Finance Arun Ram Meghwal told the Rajya Sabha in a written reply.
He also said that sufficient cash is available with the Reserve Bank of India (RBI) and the banks.
"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," he said.
To cater to the requirement in rural areas, banks have been advised to supply smaller denomination notes of Rs 100 and less, the minister added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.