Home / Expose / To prevent all demonetised currency coming in banking, RBI set a limit on deposit

To prevent all demonetised currency coming in banking, RBI set a limit on deposit

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New Delhi : According to source,  Nearly Rs 14 lakh crore of 15.44 Lakh Crore(Rs 8.58 lakh crore in Rs 500 notes and Rs 6.86 lakh crore in Rs 1,000) has returned to the banking system since the announcement on demonetisation, CNBC-TV18 reported quoting sources on Monday afternoon.

The news came just minutes after the Centre’s Narendra Modi government performed yet another U-turn and announced another rule of depositing demonetised note, they announced one can’t deposit more then 5000 in day to thier bank account. Expert says this is for preventing all demonetised currency coming to banking system, if this happened Modi government will be left red faced. As they promised to curb black money from Demonetisation.

The Reserve Bank of India (RBI), in a sudden move like other multiple moves so far, on Monday restricted deposit of old Rs 500 and Rs 1,000 notes, worth more than Rs 5,000 into bank accounts, to only one time till 30 December.

Many Indians, who still had old notes left with them, are now beginning to feel cheated by the central government, after RBI imposes stiff conditions on deposit of old notes exceeding Rs 5,000 in a bank account till December 30.

The window to deposit the demonetised currency notes was kept at 50 days by Modi government on 8th November when Mr PM went live on television and announced demonetisation of 500 and 1000 notes. Many experts say this is fear of government that entire so-called ‘black money’ returning to the system may have prompted the nervous to announce harsh restrictions on deposits on Monday.

PM Modi had used the word ‘black money’ 18 times during his address to the nation on 8 November while desperately justifying his shock announcement on note ban.

Some experts believe that Modi government may even pressurised RBI to revise the announced figure on the overall currency deposited so far.

RBI is also looks under pressure and they are found removing URL’s of press releases.

Nitin Pai, Director of Takshashila Institution, agreed and tweeted that the development was  ‘terrible for its institutional integrity.’

His tweet read, “Whatever the reason, RBI deleting its statements from its website is terrible for its institutional credibility.”

There’s a growing sense that the RBI, under pressure from the central government, may issue a revised sum on the return of Rs 500 and Rs 1,000 little later primarily to make Modi’s claims look good.

Else, the prime minister’s claims on black money to justify demonetisation are currently set to go for a toss. which will leave him and his party red faced.

It seems the hardcore supporter of Modi on social media The Frustrated Indians are also not happy with government decision on limiting people from deposit.

With input from Janta ka Rporter

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One comment

  1. I’m glued to the TV what next,it doesn’t stop , as if 8th Nov was not enough,so many changes ,anything possible with this govt,

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