New Delhi: Following the ban on Rs. 500 notes and Rs.1000 notes by the Prime Minister Narendra Modi, anger in form of long queue of people reported outside the ATMs, after seeing that, Finance Minister Arun Jaitley said on Saturday, that “it may take up to three weeks for all the 2 lakh ATMs to operate normally.”
“ Each one has to be calibrated individually to dispense the new sized notes of Rs 2,000 and Rs 500 besides the lower denomination currency of Rs 100”, he added.
“ATMs could not have been calibrated (before the announcement) because of secrecy issue. Thousands of people are involved in the recalibration exercise (and) secrecy could not have been maintained. Recalibration takes at least two-three weeks,” Finance Minister said.
He further added, “But once the money is available both in the system and more so in the banking system, the advantages of that to the economy and businesses will be far more. The capacity of the banks with all this additional capital to lend and support businesses is going to be far higher. And therefore medium-term and long-term advantages to the economy as against this temporary inconvenience or disruption are far too many”.
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