PM Modi on demonetisation: As the PM Modi has already announced that after demonetization, people would have to face several problems such as standing in queues at the bank and ATMs for getting cash for some days. However, they are facing the same problems when the 50 days after demonetization is almost done.
However, the question is that who is responsible for that PM Modi? Or Banks? Banks are telling they are not getting sufficient cash and Government is saying banks have more than enough money to provide the customers.
Although PM Modi has initiated the move for making India as a cashless economy, but the people is actually getting “cashless” because there is no money in the Banks and ATMs. In such condition, there are several people who have committed suicide across the country just because of Cash crunch. Despite seeing all the incidents happened in the country, the government instead of giving relief made the move more stubborn thinking people would get an advantage of it.
While urging Prime Minister Narendra Modi to public that the trouble of money will be for 50 days, and then, the issue will gradually eliminate. PM Modi from his side took a great decision to curb the black money and hoarder as well, but did the banks follow the instructions given by government? “No”.
After an announcement of demonetisation by the government, it has amended its decision several times. Here is a list given below of decisions which the government has imposed on the public after announced demonetization on November 8.
- The money people would deposit in old currency of Rs 500 to their bank accounts should not be exceeded to 5000 rupees
- Banks may ask why they hadn’t deposited the money before when people would deposit money into their accounts.
- On 24 November government announced the old currency notes would be exchanged in only RBI
- On November 11, government decided that the old currency notes of Rs 500 and Rs 1000 could be accepted in petrol pumps, Railways ticket counters, hospitals and toll plazas, when it saw throngs standing in queues everywhere it took back the decision.
- Then, suddenly government extended the date of using old notes to 14 November and then 24 November.
- On 24 November, government again made a decision that the notes of Rs 500 would be accepted in Petrol pumps till 15 December.
- On 30 November it decided from December 2, Rs 500 notes would not be accepted in the petrol pumps.
- On 15 December after made all decisions finally government announced to ban on Rs 500 and could only be deposited in the banks only.
- Talking about Rs 1000 notes, earlier government told the currency of one thousand rupees could be exchanged in the banks till 30 December 2016, however abruptly it directed banks not to exchange Rs 1000 notes from 24 November 2016 but they would be deposited in customers’ accounts
- People can get cash through cheque in a day and in a week could take Rs 20,000 to the bank’s branch.
- On 29 November government amended its decision and announced to take 24 thousand through cheque in a week and Rs 10,000 in a day
- 4000 rupees would be exchanged through banks and then on 13 November it exceeded the limit up to 4500. But it continued till four days.
- Preventing people to exchange money several times in a day, the government asked banks officials to use indelible ink on the fingers who would come to deposit money.
- Government further set the cash limit up to Rs 2000 and then 2500 from the ATMs
- On 15 November government set the limit to deposit money in Jan Dhan Yojana up to Rs 5000 when it observed the accounts were used to convert black money into white.
- RBI announced that if somebody is getting married, he would have to come along with his wedding card to get 2.5lac rupees to his bank account, but nothing could be done well in favor of people and till now public is necessitating to stand in the queues at the banks and ATMs
