NEW DELHI: In a bid to curb the issue of black money, the decision to demonetise Rs 500 and Rs 1000 received mixed response.
Addressing this issue at a press meet, Finance Minister Arun Jaitley today, asserted that the government will try to ensure requisite replacement and currencies will be available with people at the earliest. He said that banks will remain open over the weekend to help people get alternate currency notes and affirmed the commitment from the government to smoothen the transition.
Finance Minister Arun Jaitley on Thursday said nobody would be harrassed over smaller deposits -- less than Rs 2.5 lakh -- as people began thronging banks nationwide to exchange or deposit Rs 500 and 1,000 currency notes that have been demonetised.
"Nobody will face questions or harassment for small deposits," Jaitley told reporters while inaugurating the two-day Economic Editors Conference here. “People depositing small amounts would not face any problem and the revenue department will not take notice of small depositors. The deposits within exemption limit can be made, without any questions being asked, while large amounts will face consequences,” he added.
He said people might face problems initially but in the medium to long run they will definitely benefit from the government's policy of demonitising large currency notes in a bid to curb corruption, unaccounted wealth and terror financing. The denominations ceased to be legal tender from midnight on Tuesday.
GST needs to be implemented by next September
India needs to roll out the proposed Goods and Services Tax (GST) by Sept. 16, 2017, Finance Minister Arun Jaitley said on Thursday.
Jaitley added that the government was aiming to implement the new sales tax next April.
Under a law passed by parliament for the tax's implementation, some of the existing levies would expire after Sept. 16.