December 20, 2016

Times view on the ever changing new rules for depositing cash

The government and RBI have constantly shifted the goalposts in the demonetisation drive, chopping and changing rules at a confusing pace.But this latest notification hits a new high in whimsicality. The government had clearly announced that old notes could be deposited with banks till Dec 30. The finance minister had appealed to people not to rush to banks in the early days and add to the queues. And yet, we now have the government and RBI saying anybody depositing over Rs 5,000 in old notes will be questioned by bank officials and must give a "satisfactory explanation" for why they haven't done so earlier.

As it is, honest, hard-working citizens who pay their taxes are being denied access to their own money - forget the weekly limits, six weeks after they were told things would be okay in two-three weeks, they are returning from ATMs and bank branches empty-handed after standing in line for hours. What's more, public utilities have stopped accepting the old notes. Now, to add insult to injury, they are being told that for as little as Rs 5,000, they will be treated as suspects merely because they decided to wait till the crowds at banks thinned - as advised by senior ministers and government officials themselves. This is just not acceptable.

Well said...

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