The government is not considering extending the December 30 deadline for depositing the old Rs 500 and Rs 1,000 notes, whose demonetisation was announced on Novemeber 8, Parliament was informed on Tuesday.
"No such proposal for extension of deadline beyond December 30, 2016, is presently under consideration of the government," Minister of State for Finance Arun Ram Meghwal told the Rajya Sabha in a written reply.
He also said that sufficient cash is available with the Reserve Bank of India (RBI) and the banks.
"There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs 100 has already been increased," he said.
To cater to the requirement in rural areas, banks have been advised to supply smaller denomination notes of Rs 100 and less, the minister added.
The Congress has criticized the government for reportedly changing the rules 172 times since the demonetisation move was announced on November 8.
Meanwhile, tortuous queues can still be seen outside ATMs and banks with people desperate to withdraw money and also deposit the demonetised notes before the December 30 deadline.
(With IANS inputs)