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Demonetisation: 60 changes in just 43 days

By Newsd
Updated on :

43 days after Prime Minister Narendra Modi announced the demonetisation move, Reserve Bank of India has changed the rules regarding the demonetisation for the 60th time.

In a latest modification, RBI allowed Know-Your-Customer (KYC) compliant account holders to deposit over Rs 5,000 without being interrogated.

While he was addressing the nation in a ‘live’ telecast on November 8, Prime Minister Modi said that people can deposit old Rs 500 and Rs 1000 notes in banks or post offices without any limit.

On November 12, Finance Minister Arun Jaitley requested everyone to avoid depositing notes in the beginnings days and emphasized that people have enough time till December 30.

On December 19, RBI said in a statement, ”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 notification also added that the tenderer will be questioned in the presence of at least two officials of the bank.

The notification triggered outrage among the common people who was badly affected by the cash crunch.

Business Standard listed out some of the announcement made out by the government after the demonetisation move

  1. November 8: Finace Ministry said the limit of Rs 4,000 for exchanging specified bank notes shall be reviewed after 15 days, but nothing happened.
  2. November 15: The government announced that indelible ink should be used to mark people who exchanged notes, to prevent repeated transaction, the Election Commission’s criticism on this move forced government to rethink on the proposal.
  3. November 17: The exchange limit was limited to 2000.
  4. November 17: The government announced that a member of the family that’s holding a marriage ceremony can withdraw up to Rs 2.5 lakh.

The withdrawals were permitted only from fully KYC (know your customer) compliant accounts and amounts could be withdrawn only if the wedding date was on or before December 30.


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