Deadline won't be extended for deposits - Fusion - WeRIndia

Though several of middle class and normal people are depositing their invalid currency notes in banks after demonetization, most of the billionaires who have huge amounts of cash in their hands are waiting.

Many black money hoarders are also waiting for any ‘miraculous change’ in the decision of government so that they can escape from the law. They fear that if they deposit in banks accounts they will have to lose a huge amount of money by way of tax and penalty. Moreover, they will lose their reputation as well. Hence, they are waiting hoping for a ‘better tomorrow’.

These black money hoarders are violating the norms of government and are misusing the privileges that were given to normal people. They made normal people a scape goat to protect their money. Government has given time till December 30, 2016 to deposit the defunct currency notes after which they will become scrap paper.

Government is scrutinizing the accounts that are depositing huge amounts into their accounts. Hence, black money hoarders are anticipating the government to extend its deadline to some more days.

But, yesterday Minister of State for Finance Arun Ram Meghwal revealed in Rajya Sabha that the government is not mulling to extend the deadline which was given earlier to deposit banned currency notes of ₹500 and ₹1,000. He added that circulation of currency has been increased in the country; banks and RBI have sufficient amount of cash with them so there is no such proposal to extend the date.

In order to meet the requirements of rural areas, notes of smaller denominations like ₹100 and less will be supplied by banks. Banks are also advised by RBI to improve their security arrangement in both their branches and in ATMs. ATMs will be covered by CCTVs and security guards will be properly trained for better security.

Image credit: Photo by Michael Longmire on Unsplash (Free for commercial use)

Image Reference: https://unsplash.com/photos/lhltMGdohc8