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    EditorialHope Its Final recall!

    Hope Its Final recall!

    Date:

    Hope Its Final recall!

    The withdrawal of Reserve Bank's notification issued on Monday last putting restrictions on deposits of over Rs 5,000 in old notes to a one's single account is a welcome move for an avoidable change in the rules of the game which had undermined the consistency of the demonetisation exercise. In any event, the permission to deposit the old Rs 500 and Rs 1,000 was only for 10 more days and the government should in the first place have stuck to its earlier policy.

    The change was particularly untenable because those opting to disclose unaccounted income under the new amnesty scheme, the Pradhan Mantri Garib Kalyan Yojana, continued to face no restriction on depositing old notes. But anyone depositing Rs 5,000 or more into a bank account was required to satisfactorily explain to two bank officials why the money was not deposited earlier.

     

    Now that better sense has prevailed and the rule has been reversed, not only the depositors but also the hard-pressed bank officials, most of whom have been working with tremendous zeal and honesty in implementing the change to a new post-demonetisation, would now breathe easy.

     

    Considering that only the other day Minister Arun Jaitley had assured people that no questions would be asked of those depositing old notes if they did so in one go, there was a mismatch between the RBI circular and the Finance Minister's assurance which was difficult to fathom. The least that the government needed to do was to withdraw the circular to maintain credibility which it has now done. It would stand to reason if some people delayed depositing the old currency in the belief that there was still time till December 30 as per the government's earlier announcement. Initially, the Centre had said deposits up to Rs 2.5 lakh would not be questioned, but later held that all deposits could be scrutinised.

     

    Besides, the Prime Minister had said exchange limits for old notes would be enhanced from 25 November; instead, the exchange facility was stopped altogether. Such inconsistency and flip flops were doubtlessly damaging the credibility of the system and needed to be attended to.

     

    The people at large have waited patiently and shown remarkable maturity in respecting the Prime Minister's initial plea to wait for 50 days by which time normalcy was promised to be restored. The government now needs to ensure that there are no further changes made which act as a hindrance to normalcy. The flip flops must give way to consistency and well-thought-out measures to get over the after-effects of demonetisation.

    Northlines
    Northlines
    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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