On the 41st day of Prime Minister Narendra Modi’s 50-day promise to get back normalcy in common man’s life post 8 November demonetisation announcement, yet another promise is broken.
The government has in new restrictions said that deposits of more than 5,000 rupees in old 500 and 1,000-rupee notes can be made in a bank account only once from now till December 30, the deadline for depositing old notes.
The Reserve Bank of India or RBI has also said more than Rs. 5,000 in old notes will be credited into accounts only after customers have given a "satisfactory explanation" to two officials on why they had not deposited old notes earlier.
"Even when tenders smaller than Rs 5,000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5,000 they may be subject to the procedure to be followed in case of tenders above Rs 5,000, with no more tenders being allowed thereafter until December 30, 2016," RBI said.
The question arises what happened to PM Modi’s promise (read the full text of PM Modi’s 8 November speech here) to the nation that, "Persons holding old notes of 500 or 1,000 rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. Thus you will have 50 days to deposit your notes and there is no need for panic. Your money will remain yours. You need have no worry on this point.”
There will be no restriction on amount deposited towards the new black money disclosure scheme the Pradhan Mantri Garib Kalyan Yojana, according to the new set of rules notified by finance ministry on December 17.
Demonetisation story is taking new turns rapidly with changing goal posts and theories of as yet uncertain gains in the long term. But, no matter what the final gains of the demonetisation are, both the RBI and the government will have to answer the common man on the repeated breach of promises while executing a ‘well planned operation’ and fight a growing trust deficit that’ll also have likely political implications.