The finance ministry and the Reserve Bank of India have put in place new restriction on deposits of old Rs 500 and Rs 1,000 until 30 December in another effort to curb money laundering.
According to a finance ministry notification, deposits of the demonetised notes above Rs 5,000 can be made only once until 30 December, the last date for banks to take deposits of old notes. However, there are no restrictions on depositing cash under the Pradhan Mantri Garib Kalyan Yojana, a black money declaration scheme under amended taxation laws.
We are sure Finance Minister does have some thought about it and maybe it is for the greater good but we followed our Finance Minister Arun Jaitley earlier advice when he told us to not rush to banks for deposit our old notes as we have 30 December to deposit old notes.
Finance Minister on 12th November 2016, just 4 days after the PM Modi demonetisation announcement told to media that people shouldn’t have rushed to deposit their old notes to banks as they have time to do all this until 30th December. Take a look
Coming 19th December, he announced that a person can only deposit up to 5000 rupees using his old notes. How can a person believe someone when he’ll give just two different statements in just mere months?
Demonetisation rules have changed so many times in just 41 days, it clearly shows the lack of preparations Government had prior to NoteBan.