Arun Jaitley: Deposit old notes in one go before Dec 30, more Tax sops for e-payments

Speaking to media on Monday, Jaitley said if traders make use of digital payment and cheque their income tax will be 6%. �Even today, RBI has more than adequate cash to last not just till December 30 but even more,� he added

Arun Jaitley: Deposit old notes in one go before Dec 30, more Tax sops for e-payments

Union Finance Minister Arun Jaitley on Tuesday announced  income tax benefits for small traders who use e-payments. Speaking to media, Jaitley said if traders make use of digital payment and cheque their income tax will be 6 %.



Jaitley reiterated that government was well prepared while coming up with demonetisation and dispelled fears of any kind of cash crisis in the country, saying that financial situation in the country is stable.


"We were prepared. There has been not a single day when RBI did not dispense adequate cash to banks, " NDTV quoted Jaitley, as saying. Jaitley added, “Even today, RBI has more than adequate cash to last not just till December 30 but even more.”



He further said, government has taken enough measures to ensure that people will not be affected due to the ban on old notes of Rs 500 and Rs 1000 denominations.

Jaitley urged citizens to deposit all old currency in one go as only 10 days remain for the December 30 deadline announced by the government to deposit all old notes. The government on Monday said, that deposits of more than Rs. 5,000 of old notes will be allowed only once, till December 30. 


Since exemptions have been lifted, logical to deposit the remaining cash in banks in one go,” Jaitley was quoted as saying to ANI. 

Jaitley clarified that he has not announced any exemption for old currency on Tuesday, adding that "as long as there were, people were getting old currency."

Meanwhile, Congress leader Rahul Gandhi said, "RBI is changing rules like the Prime Minister Narendra Modi changes his clothes," and termed the note ban as a major disaster for the people.