Farmers & Housewives need not worry: FM

A day after the government announced the withdrawal of Rs. 500 and Rs. 1,000 banknotes in the country’s biggest crack down against black money, corruption and counterfeit currency, Finance Minister Arun Jaitley said, housewives, farmers with genuine savings need not worry. He assured people that usage of smaller currency denomination won't be affected. He also suggested that the decision had the potential to change the mood of the nation. "This will have an effect on the economy in the long term and this bold step will changes the mood of the nation", he said. He encouraged people to use cheques instead of cash for transactions whenever possible. The Finance Minister further said that housewives and farmers with genuine savings need not worry about depositing cash in their bank accounts. “The small amounts that people will deposit like Rs. 25,000, 30,000 or 50,000 lying in house for expenses, whatever money could be there for meeting normal family expenses they need not worry. They can go to banks,” he said. The Finance Minister said for first one or two weeks replacements may be less but after 2-3 weeks as more currency notes come in market then normal replacement will be available.