TIL Desk/Business/New Delhi-Finance Minister Arun Jaitley on Thursday said nobody would be harassed over smaller deposits — less than Rs 2.5 lakh — as people began thronging banks nationwide to exchange or deposit Rs 500 and Rs 1,000 currency notes that have been demonetised. “Nobody will face questions or harassment for small deposits,” Jaitley told reporters while inaugurating the two-day Economic Editors Conference here.
“It is only those with large amounts of undisclosed money who will have to face the consequences under existing laws,” the minister said. He said people might face problems initially, but in the medium- to long-run they will definitely benefit from the government’s policy of demonitising large currency notes in a bid to curb corruption, unaccounted wealth and terror financing. The denominations ceased to be legal tender from midnight on Tuesday.
The Finance Minister also said that the amounts of Rs 1.5-2 lakh are too small and the administration will not bother to make enquire into such deposits. Earlier, Revenue Secretary Hasmukh Adhia clarified that people just cannot walk away by depositing any amount of cash without prosecution. But amounts below Rs 2.5 lakh will attract no harassment.
