Shillong, Nov 14 Union Minister of State for Finance & Corporate Affairs Arjun Ram Meghwal on Monday appealed to all citizens not to panic and have patience until normalisation of all modes of banking operations in the next few days.
"The government has taken many steps to address the issue. There is nothing to hurry about as sufficient time is there to deposit old Rs 500 and Rs 1,000 notes in banks," he told journalists at the North Eastern Council headquarters in the Meghalaya capital town.
"We have asked all the public sector, rural and cooperative banks and even banking correspondents to take suitable actions. People need not worry and need not panic...the government is very much monitoring the situation."
Demonetisation is a very good move and people are largely happy, Meghwal added.
The minister further said that the Reserve Bank of India has already commenced issuance of new Rs 500 currency notes, while the government has instructed the banks to increase the daily withdrawal limit to Rs 2,500.
"Although people had to stand in long queues in the last couple of days, things are gradually easing out," he said.
To a query, Meghwal reiterated the central government's stand that demonetisation of Rs 500 and Rs 1,000 notes will help in curbing black money, terrorism and corruption.