Narendra Modi Gives Another Blow to the Black Money HoldersFinance Ministry made another amendment to the demonetization scheme. Here forth, the amount exceeding Rupees 5000 of old Rs 500 and Rs 1,000 can be deposited only once per bank account till December 30th. This deposition would only be permitted with questions answered why the deposition was not made before. If the answers given for the deposition are satisfactory, only then the amount will be credited to the beneficiary account.

The amendment is applicable on the third party depositions too. The beneficiary in the third-party credit would be questioned and will be asked for authorization for the credit of amount more than Rs.5000 of old notes. If the user makes multiple deposits in small amounts and if the amount is exceeding 5000 and then too, the account holder need to face the inquiry and only with the appropriate explanation, the amount would be credited to the account holder.

Modi has been continuously giving shocks to the guilty (Black money holders) since demonetization and this new amendment is definitely such a big shock to the Black money biggies. They already had a timeline of December 30th to deposit all the old notes and on top of that now they cannot take their own time and divide their money for multiple deposits. Old notes might again be found in Rivers and trash cans from now.