Another new rule

Government of India has been flip-flopping over demonetisation issue. Since the day Prime Minister Narendra Modi announced the banning of 500 and 1000 rupees notes, government has given several reasons for the sudden move. The Reserve Bank of India has also constantly changed rules while carrying out the demonetisation process. It has not only confused the people but also made life difficult for ordinary citizen. In a fresh announcement on Monday government has put fresh restrictions on deposits of old Rs. 500 and Rs. 1,000 notes, announcing such deposits in excess of Rs. 5,000 will be accepted only once by 30 December, that too after the depositor satisfactorily explains the reason behind the delay in depositing the money.
The depositor will have to satisfy atleast two bank officials about reason for depositing the old notes. The decision came as a surprise as the government had earlier said that people should not rush to banks as enough time is available to deposit old notes. By making this announcement government has placed another hurdle in front of ordinary people who want to deposit their hard-earned money in banks. Many people have been waiting for queues to lessen in order to deposit their money. The new announcement is huge setback for these people. Also this rule can be misused by bank officials to indulge in corruption. People can pay them to get the work done. Government of India should re-think and withdraw this fresh order at the earliest.



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