Breaking News - The Union Cabinet is likely on Wednesday to take up an ordinance to extinguish the old Rs 500 and Rs 1,000 notes not returned to banks by Friday, December 30.
Such a move will help bring a much-needed clarity to the centre’s estimates of the demonetisation amount that has come back to the banking system a senior official said. The ordinance will likely specify December 30 as the deadline to deposit the old Rs 500 and Rs 1,000 notes that the government had rendered invalid with Modi’s announcement on November 8.
"It is important to specify December 30 as the deadline as we will count the money till that date that has come back to the banking system for our future calculations,” the official told reporters in New Delhi and added that this would bring more certainty to the Budget calculation for 2017-18.
“If we do not put an end date on the legal character of the old notes, they can be infinitely valid as a legal tender. The government wants certainty on the estimate of the money flowing back. A cut-off date for all deposits will help,” the person said.(Read More)
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