Don't rush, depositors won't be harassed: Arun Jaitley

New Delhi: Finance minister Arun Jaitley said on Thursday that there is no need for people to rush to banks to exchange demonetised '500 and '1000 notes in initial days as they have ample time.

“We are trying to ensure at the earliest that the required currency is available with the people. We do believe there is no need to rush in the initial days because people have lot of time till December 30 with entire banking and post office. So more the deposits and exchan-ges are spread out, the more will be the convenience to the people itself,” said Mr Jaitley at the high profile two days Economic Editor’s conference organised by PIB along with finance ministry in the national capital.

He said a large number of ATMs will start operating from midnight tonight after which the inconvenience will ease.

He said traditionally people in India have habit of keeping some money at home for emergency and they have no reason to worry to exchange it.

He said however that those depositing large am-ounts of unaccounted mo-ney will have to face the consequences under tax laws, which provide for tax and a 200 per cent penalty.

He denied reports of any move to digitise personal lockers in banks to smoke out gold used to store blackmoney.  “Completely factually incorrect. There is no such proposal,” he said. There are rumours going around on social media that the government may next digitise bank lockers which would be opened in presence of revenue officials.