NEW DELHI: Former Aam Aadmi Party leader Yogendra Yadav said yesterday he sees no reason to explain why he didn’t make any bank deposits since November 8. That’s because, he said, it’s obvious he thought he had until December 30, like the Prime Minister told him and the rest of India.
“I see no reason to offer any special explanation for the same (not having made cash deposits since 8 November 2016),” Yadav wrote to his Bank.
“I normally like and wait for the queues to end. I was assured by the Prime Minister, the Finance Minister and the RBI that there was no need to rush to the banks and I had till December 30 for making any deposit. I believed them,” explained Yadav who was expelled from AAP in April last year and recently formed the Swaraj Abhiyan party. .
Yadav’s post, which he published yesterday, has elicited around 3,400 Facebook ‘reactions,’ the overwhelming majority of which are positive.
Yogendra Yadav’s letter (Photo courtesy: Yogendra Yadav/Facebook)
In his post, Yadav said he’d given this explanation for a “small deposit.
On Monday, the Reserve Bank of India issued its 59th circular since demonetisation , in which it imposed restrictions on deposits of demonetised notes worth more than Rs 5,000. However the central bank today said two provisions described in the circular wouldn’t apply to fully KYC compliant accounts.
The first provision said that banks could accept deposits of defunct notes worth more than Rs 5,000 only once till December 30 – the day after which it will no longer be possible to exchange such notes at banks.
It also said that if a citizen makes deposits worth more than Rs 5,000, she (or he) must explain to at least two bank officals why she didn’t do so earlier. It asked banks to keep the explanations on record to “facilitate an audit trail at a later stage,” and specified that these restrictions wouldn’t apply to citizens making deposits under the taxation and investment regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
The measures were widely criticized, although the government initially defended them, saying it had implemented them to reduce queues in banks, and to thwart black money hoarders who might send intermediaries to regularise their unaccounted cash.
Bureau Report
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