Published On : Tue, Dec 20th, 2016

Terrible last move! BJP MP Swapan Dasgupta slams govt U-turn on old notes

PM before a Cabinet meetingNew Delhi: Rajya Sabha BJP MP Swapan Dasgupta criticises the Modi government for changing its stance yet again on the deposit of old notes. Dasgupta tweeted: “New caveats on depositing old notes till Dec 30 were unnecessary & will undermine people’s faith in govt assurances. A terrible last move.”

This comes after the RBI on Monday said that deposits totaling more than Rs 5,000 in old Rs 500 and Rs 1,000 notes can be made only once per account until December 30.

If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn’t put the money into their account earlier.

In the event that someone tries to make multiple deposits in amounts smaller than Rs 5,000 – to try and circumvent the system – they can’t, as they will be held up to the same scrutiny as if they went just once with more than Rs 5,000.

On November 12, a week after PM Narendra Modi announced demonetisation, finance minister Arun Jaitley held a press conference where he outlined the rules under the demonetisation scheme. One of the pointers towards tackling the government’s new move was: “Dont rush to banks right now for exchanging or withdrawing old Rs 500 or Rs 1000 notes as there are massive crowds. Wait for a few days as the scheme is open till December 30.”