Prime Minister Narendra Modi's 50-day deadline is fast approaching. Despite Finance Ministry and the Reserve Bank of India's (RBI) repeated assurances that there is enough currency stock to last beyond 30 December, the queues outside ATMs and banks are not going away. With the government flip-flopping on demonetisation rules, whether the cash crunch will stabilise after the 50-day period is a matter of conjecture.
The Income Tax department stepped up its crackdown on black money but reports of seizures of new currency notes have also emerged. In a letter to the vigilance department, a senior cashier at CST station, Mumbai revealed that she was forced by a senior to give Rs 50, Rs 100 notes in exchange of Rs 500 and Rs 1,000, reported Mumbai Mirror.
The report added that the CBI has booked assistant commercial manager KL Bhoyar based on the cashier's letter. She alleged in the letter that between 13 and 17 November Rs 7.3 lakh was exchanged from her counter.
Mumbai Mirror reported that the CBI suspects that Bhoyar has used the same modus operandi and have exchange amount that could amount to " a few crores of rupees".
Meanwhile, the RBI did a U-turn on customers depositing demonetised notes over Rs 5,000 till 30 December by making it clear that there will be no questions asked either in case of one-time or repeat deposits if the accounts are KYC-compliant.
Such customers will also not be questioned by bank officials on why they had failed to deposit the old notes earlier.
The RBI turnaround came as Finance Minister Arun Jaitley's assurance on Monday night and on Tuesday that there will be no questions asked to customers who would make one-time deposit above Rs 5,000 failed to persuade bank officials who insisted that there should be fresh circular from RBI so that customers will not be harassed. However, customers with non-KYC accounts will be subject to stiff conditions imposed by RBI on 19 December for deposit of junked notes.
The decision follows widespread criticism of the guidelines, with people saying the Prime Minister as well as
the finance minister have asked people not to throng the banks as they have time till 30 December to deposit invalid notes in their accounts.
With inputs from PTI
Updated Date: Dec 21, 2016 17:07:19 IST