The government on Tuesday said sufficient cash is available with the Reserve Bank of India (RBI) and banks even as people queued up at banks and ATMs. The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes and withdraw new cash. “There is sufficient cash available with the Reserve Bank of India and banks. • The proposed amendments in the Income Tax Act provide for black money declarants to mandatorily deposit 25% of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period. Exemptions for payment of utility bills , payments at petrol pumps and pharmacies using old notes will continue till 15 December.

Source: Mint November 29, 2016 12:10 UTC