Demonetization with started with a noble intent faltered very badly in execution. The Center further messed with new rules coming up one after the other only to create more confusion and agony to the people. Finance Ministry the other day came up with a new rule which actually contradicted the word of the Prime Minister.
They imposed a rule that any deposit above 5000 in Old Notes can be made only once till the end of this month and that too should be backed by a valid explanation to the bank officials. This is in contradiction to Modi’s assurance that any amount of money can be deposited in banks but only needed to explain the source.
The Prime Minister repeatedly assured the people that there is no hurry initially and they have enough time to deposit the old notes. Now, if anyone stood back listening to the Prime Minister, they will have to toil really hard to deposit them with the new rules.
Buzz is that 14 Lakh Crore out of the 15.6 Lakh Crore got deposited in Banks already and the Modi government is trying to prevent the final bucks from getting deposited with these rules which if true indicates that Modi is conceding defeat. One can only say Only if all this is well implemented?
Note: Following the outage, Finance Ministry withdrew the decision of explaining the reasons for such deposits but asked the people to deposit all the old notes with them at one go
