Demonetisation New trends – As sudden as the demonetisation decision were numerous actions by the government on exchange, withdrawal and deposit of money. Regulations flip-flopped so often that they left people confused. Here is a list of wildly fluctuating government regulations since November 8.
On deposit of old notes
The RBI allowed people to deposit old currency notes in bank accounts till December 30. On December 19, a new rule discouraged deposit of more than Rs 5,000 by one ..
Seeds for farmers
Realising that demonetisation had hit sowing for the farmers, the government allowed them to buy seeds for Rabi crops with scrapped notes from government outlets.
First the limit on ATM withdrawals was Rs 2000, and then Rs 2,500.
First, the cap on bank withdrawals was Rs 10,000 a day and Rs 24,000 a week, then it changed to 24,000 a week and current account holders were allowed Rs 50,000 a week. Cooperative banks would allow withdrawal of Rs 24,000 per week, but would not deposit old notes or exchange them for new ones.
The government said banks would allow withdrawal of Rs 2.5 lakh for a wedding. But banks did not release funds as there was confusion about operational guidelines. Then the government allowed Rs. 2.5 lakh withdrawal per wedding by the groom or bride or any of their relatives.
Prime Minister Narendra Modi declared in a rally that income-tax officials would not probe less than Rs 2.5 lakh deposits in banks. Later, the government said suspicious deposits in Jan Dhan accounts, even if less than the permitted amount, would be scrutinised. Now the government has openly said it could probe even less-than-Rs. 2.5 lakh deposits.
Reprinting of scrapped notes
Earlier it was understood the government would reprint the demonetised amount entirely. But now Finance Minister Arun Jaitley has said the government does not intend to reprint all the currency that has been demonetised and wants to have a significant and substantial part of it in digital form.
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