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| Repeat Deposits Of Old Notes Raise |
| Repeat Deposits Of Old Notes Raise Doubts: Arun Jaitley On Latest Rule Change
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| INDIA
, 20-December-2016
12:46:2 PM |
| Finance Minister Arun Jaitley today explained the latest change in rules for depositing old notes in bank accounts, criticised by the opposition as "desperate measures." The government had said on Monday that people can from now till December 30 make just one deposit of more than 5,000 rupees in banned 500 and 1,000-rupee notes and will have to explain why they had not deposited the money earlier. The Finance Minister has since clarified that no questions will be asked if any amount of the banned currency is deposited in one go, but said repeated deposits may raise queries
1"If you have old currency, deposit it with banks at one go as repeat deposits of such notes raise doubts," Mr Jaitley said today, explaining that with all exemptions for use of old notes - like at petrol pumps - now over, there is no scope to do anything with them but to deposit them in bank accounts.
2While issuing the new restrictions on Monday, the government said it was presuming that in the five weeks since Prime Minister Narendra Modi announced the ban on high-value notes aimed at combating black money, most people would've deposited their old notes.
3It said for deposits over 5,000 rupees in old notes two bank officials would have to be given a "satisfactory explanation" on why the deposit had not been made earlier.
4Angry customers have pointed that the Finance Minister and others in the government had earlier told people that they need not rush to deposit the banned notes since they had till December 30 to do so.
5"RBI is changing rules like the PM changes his clothes," tweeted Congress vice president Rahul Gandhi, who has led a united opposition in a pitched battle with the government over the notes ban and the impact on people of a massive cash crunch that has followed.
6"RBI makes new rule on deposit, FM contradicts. Who should citizen believe? Neither has credibility," tweeted former Finance Minister P Chidambaram, asking, "Old notes usable until Dec 15. Why can't we deposit remainin
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