The new restrictions imposed by the RBI on deposit of old currency notes have left people shocked as they felt cheated by the Government, particularly the Prime Minister who had reiterated to the people, “Don’t rush to deposit (old) cash and create panic at bank branches. You have enough time till December 31.” The assurance was repeatedly highlighted even in many Government advertisements.
However, tightening rules for depositing scrapped Rs 500 and Rs 1,000 denominations, the RBI had on Monday said individuals can deposit over Rs 5,000 in old all notes only once until December 30 that to after explaining the reasons for delay in depositing it.
Irritated at the changing rules of cash deposit, Deepak Kumar, a bank customer at ITO in Delhi, said, “In the early days of demonetisation, the Government had appealed to depositors to show patience as there were 50 days available to deposit their money. Believing the Government, I had decided to deposit Rs 6,000 in the latter half of December. Now the bankers have refused to accept my genuine reason for delay in depositing the cash. They want me to give a written undertaking that the money was found in my wife’s locker just yesterday.”
Rajesh Yadav, who came to deposit Rs 7,000 in a bank at ITO, too fumed at the new rules, saying the Government now wants to grill honest people. He ended up fighting with bank officials after they refused to accept his explanation that he was waiting for the frenzy outside the banks to subside.
Another bank customer in Noida, Devika Kapoor, rued that her bank has refused to deposit even Rs 3,000 in old currency without an explanation for delay in deposit. She said, “The honest bank customers who relied on Government’s repeated
assertion to avoid panic rush are now at the receiving end of the new directive.”
Besides need to satisfy two bank officials with explanation for delay in depositing the old currency notes in banks, many customers have been asked to bring original PAN and Aadhaar cards for successful deposit of the money.
Asad Khan, a customer of a private sector bank in Connaught Place, alleged that he was forced to give a false explanation to satisfy the bank officials to deposit Rs 5,000 in his bank account.
A pensioner, TN Mishra, who worked in a textile mill in Kurla in Mumbai, was in a state of shock when his bank, a public sector lender, refused to accept Rs 40,000 which he wanted to deposit in his account. Mishra said the money was part of his PF and pension savings. “This is the saddest day of my life. I do not know what to do with my money as the bank is saying they cannot deposit it (at one go) because the system is not accepting,” a distraught Mishra said.
Another depositor in Mumbai Vishwas Pisal said, “Yesterday, I deposited Rs 40,000 in my account. I still have Rs 25,000 more (in defunct notes) left with me and bankers are asking why I did not deposit it till now. This is a blow to me and crores of people like me who are feeling cheated by this latest rule.”