After Demonetisation, Finance Minister Arun Jaitley has made several pleas for Indians to adopt a digital economy. The government has given many offers and discounts in the hopes to attract people in adopting digital economy. The most recent one is an announcement by Arun Jaitley that they will now offer tax incentives to small businesses that engage in cashless transactions. He also has assured the people that the RBI has enough cash to last beyond December 30.
Jaitley said that this move is a part of government’s drive to promote cashless economy. He also urged the public to deposit their old currency in one go according to the new guidelines set by the Reserve Bank of India’s notification on Monday. The notification says that any deposits exceeding Rs. 5,000.00 would draw scrutiny. The government has given the citizens a time period of 50 days to deposit their money in the accounts and also exchange over the counter in banks. Jaitley said, “If you have old currency, deposit it with banks at one go as repeat deposits of such notes raise doubt.”
He also assured people that the RBI has enough funds to fulfill the needs of people. He also added that RBI was prepared for Demonetisation and has stocks to last until December 30.
Even with reassurances the ATM’s have been facing cash inadequacy, causing a cash crunch to the people.
