Demonetisation: Not extending last date for cash deposits after December 30 says Centre

New Delhi, Nov 29: The government today said sufficient cash is available with the Reserve Bank of India and banks, and it is not considering extending the deadline of December 30 for deposit of de-legalised Rs 500 and Rs 1,000 notes.

“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 Arun Ram Meghwal said in a written reply in the Rajya Sabha.

On whether the December 30 deadline will be extended, he said, “No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government.”

To cater to the requirements of rural areas, banks have been advised to supply notes of smaller denominations (Rs 100 and less), Meghwal added.

As on November 8, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation.