Small depositors safe, those with undisclosed income in trouble: Jaitley
FM Arun Jaitley said that one of the important features of the BJP government was its ability to take tough decisions.
New Delhi: Seeking to allay concerns over the withdrawal of Rs 500 and Rs 1000 notes from the market, Finance Minister Arun Jaitley on Thursday said that the government is trying to ensure that currency notes are made available to people at the earliest.
Jaitley said that those who make small deposits in banks have nothing to worry about, but those holding large undisclosed income will face the consequences under the tax law.
The revenue department will not take notice of small depositors, he added.
“There will be impact on small purchases for a few days, till there is adequacy of currency, but the move is beneficial in the long run,” Jaitley said.
Hailing the government for its ability to make important decisions, the Finance Minister said that one of the challenges before the Centre was to re-establish its decision making power, which had been lost during the tenure of the previous government.
“We have endeavoured our best to make as many decisions as possible through a large consensus route,” Jaitley said.
“We are still in the process of executing the process of taxation through a consensus. We are able to resolve many problems through larger consensus and discussions,” he stated.
The banking department and the Reserve Bank of India (RBI) have taken some measures including increasing their working hours. Banks will be open on weekends as well,” the FM assured.