RBI issues a new rule again and we just can’t stop guessing what’s going to be next


Here are the woes of demonetization and Twitter is all flooded with guesses and speculations regarding the next move by the government.The frequently changing norms and guidelines once again rolled out by the Reserve Bank of India. And we must admit that people are losing faith in the banking system of India.

RBI announces that now public can deposit above Rs. 5,000 only once.Ever since on the Tuesday evening 8th November, Prime Minister Narendra Modi announced demonetisation of old currency notes of Rs 500 and Rs 1,000, the rules and norms are changing every now and then. And it proves that change is the only constant. Initially Modi said that people can deposit any amount of their currency ( legit or illegit) in banks by the end of this year.  Later, the finance ministry said that it is going to scrutinize the deposits above Rs. 2.5 lakh.And now, they say if you want to deposite an amount more than 5,000 then you are subject to questioning by the finance ministry of India.Now, this has left the public in confusion and livid.

Moreover, the depositor are needed to explain to bank officials why he/she couldn’t deposite the currency earlier.The RBI circular reads as,“Tenders of SBNs (Specified Bank Notes of Rs 500 and Rs 1,000) in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016…“The credit in such cases shall be afforded only after questioning (the) tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation,” Since the PM announced that money could be deposited till the end of the year, many would be waiting for the situation to settle down and ease out to avoid long queues outside the banks. Turns out, that might be a big mistake for the depositors.

What’d you think about this now?

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An undergraduate and avid netizen, Suman is the youngest member of Loudhere family. She manages the News and Current Events category here. Also she employs her SEO skills to make this more searchable.