Repeat Deposits Of Old Notes Raise Doubts: Arun Jaitley On Latest Rule Change

 Repeat Deposits Of Old Notes Raise Doubts: Arun Jaitley On Latest Rule Change:-

NEW DELHI: government minister Arun Jaitley these days explained the most recent amendment in rules for depositing previous notes in bank accounts, criticised by the opposition as "desperate measures." the govt had aforementioned on weekday that individuals will from currently until Dec thirty create only one deposit of quitefive,000 rupees in prohibited five hundred and one,000-rupee notes and can have to be compelled to justify why that they had not deposited the cash earlier. The government minister has since processed that no queries are asked if any quantity of the prohibited currency is deposited in one go, however aforementioned continual deposits might raise queries

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"If you've got recent currency, deposit it with banks at one go as repeat deposits of such notes raise doubts," adult maleJaitley aforementioned these days, explaining that with all exemptions to be used of recent notes - like at gas pumps - currently over, there's no scope to try and do something with them however to deposit them in bank accounts.

While supply the new restrictions on Mon, the govt aforementioned it had been presuming that within the 5 weeks since Prime Minister Narendra Modi proclaimed the ban on high-value notes geared toward combating black cash, most of the people would've deposited their recent notes.
It aforementioned for deposits over five,000 rupees in recent notes 2 bank officers would have to be compelled totend a "satisfactory explanation" on why the deposit had not been created earlier.
Angry customers have pointed that the government minister et al. within the government had earlier told those thatthey have not rush to deposit the prohibited notes since they'd until December thirty to try and do thus.

"RBI is dynamical rules just like the PM changes his garments," tweeted Congress vice chairman Rahul Gandhi, United Nations agency has junction rectifier a united opposition in an exceedingly engagement with the govt over the notes ban and therefore the impact on individuals of a vast money crunch that has followed.
"RBI makes new rule on deposit, FM contradicts. United Nations agency ought to subject believe? Neither has quality," tweeted former government minister P Chidambaram, asking, "Old notes usable till Dec fifteen. Why cannot we have a tendency to deposit remaining notes till Dec thirty as notified?"

After asserting the ban on five hundred and one,000-rupee notes in an exceedingly fast announcement on Nov eight, PM Modi had aforementioned individuals had until December thirty to deposit recent notes in their bank accounts. the govt had later aforementioned that deposits of up to two.5 large integer in recent notes in an exceedingly checking account wouldn't attract scrutiny by tax officers.

The notes ban took out eighty six per cent of the currency in circulation or fifteen.44 large integer large integer. quitethirteen large integer large integer of that has been came to banks and consultants say nearly all the cash that was illicit are came, that challenges the government's claim that the ending would unearth concerning Rs. five large integerlarge integer in unavowed cash.

The Prime Minister's call has been wide praised for intent, however has been faulted for execution, with the new currency not introduced quick enough to ease long lines at banks and ATMs.
Mr Jaitley aforementioned these days that the bank of Asian country has enough currency in its chests to last "far beyond" December thirty. "There wasn't one day once run has not discharged adequate currency to banks. There was an explicit level of currency that was to be discharged and there was full readiness for it," he said.