Why Not Deposit All In One Go, Says Arun Jaitley, On New Rs. 5,000 Rule

December 20, 2016

New Delhi, Dec 20: After tightening rules for depositing old 500 and 1000-rupee notes, Finance Minister Arun Jaitley said on Monday evening that no questions will be asked if any amount of scrapped currency is deposited in one go but repeated deposits may raise queries.

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With nearly Rs. 13 lakh crore out of the Rs. 15.4 lakh crore worth of 500 and 1000-rupee old notes already deposited in banks, the government has changed rules to mandate that individuals can deposit over Rs. 5,000 in old currency bills only once until December 30 and that too after explaining why it had not been done so far.

Explaining the rationale behind the move, Mr Jaitley said all exemptions to certain sectors and utilities, which had been allowed to accept the banned currency post demonetisation, ended last week and all those in possession of the old notes are supposed to deposit them with banks.

"Anyone who has old currency notes is not allowed to trade in them. He can only go and deposit them with banks," he said.

With a view to curtail queues at banks, holders are encouraged to deposit the entire holding in one go, rather than going repeatedly.

"If they go and deposit with the bank any amount of currency, no questions are going to be asked to them and therefore the 5000 rupee limit does not apply to them - but (only) if they go and deposit it once.

"But if they are going to go everyday and deposit some currency (small amounts), same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now," he said.

And since there is no scope now for earning any old currency because all exemptions have been waived, it makes sense to go deposit all the holding in one go, Mr Jaitley said.

"This is the objective of the order passed today."

After banning old 500 and 1,000-rupee notes on November 8, the government had allowed all of the cash holdings with any person to be deposited in bank accounts till December 30.

There was no limit on the quantity or value of the junked notes that could be deposited.

However, the government on December 17 issued a gazette notification putting restrictions on deposits henceforth.

"The deposits of old notes of Rs. 500 and Rs. 1,000 denominations have been reviewed by the government from time to time. Already more than five weeks have elapsed since the time of the announcement of the cancellation of the legal tender character of these notes. It is expected that, by now, most of the people would have deposited such old notes in their possession," an official statement said.

With a view to "reduce the queues in the banks", the government said it has now been decided that "amounts exceeding Rs. 5,000 in old notes can be deposited only once between now and December 30, 2016."

"The banks have been advised to conduct due diligence regarding the reasons for not depositing these notes earlier," the statement said.

Amounts of Rs. 5,000 or less may continue to be deposited with banks in the customer's account, as at present.

"However, cumulative deposits exceeding Rs. 5,000 between December 19 and December 30, 2016 will be as per the procedures advised by the RBI in respect of deposits exceeding Rs. 5,000," it said.

The Reserve Bank of India (RBI) too came out with deposit guideline stipulating that restrictive conditions will also apply on the cumulative deposit of such notes in a single account when it exceeds Rs. 5,000.

However, the defunct currency up to any amount can be deposited under the new black money amnesty scheme, Pradhan Mantri Garib Kalyan Yojana or PMGKY.

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Ibrahim
 - 
Tuesday, 20 Dec 2016

RBI - REVERSE BANK OF INDIA,
YAHAN GANGA ULTI BEHTI HAI,
CRAZY GOVERNMENT,
THUGLAK KA YAAD BAAR BAAR DILATI HAI

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News Network
March 25,2024

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Congress leader Rahul Gandhi will face Kerala BJP chief K Surendran in the high-profile Wayanand constituency this Lok Sabha election.

Wayanad, a Congress stronghold, has been with the party since 2009. Mr Gandhi won it in 2019 and retained his Lok Sabha membership, having lost his Amethi seat to Union Minister Smriti Irani.

His rival this time, Mr Surendran, has the significant task of challenging the Congress-Left binary in Kerala's political landscape. Both the Congress and the Left are in a national alliance though they remain rivals in this southern state.

Surendran has contested all three Lok Sabha elections since 2009 and also four Assembly elections. In 2021, he contested from Konni and Manjeshwar seats simultaneously. 

In 2019 general elections, Mr Surendran finished third in Pathanamthitta constituency behind the Congress and the Left. He had lost the 2016 assembly polls from Manjeswaram by merely 89 votes. He also contested a bypoll in 2019, but lost it as well.

He was appointed to head the BJP Kerala unit in 2020 and became the face of the protests against the entry of young women into Sabarimala years ago.

Mr Surendran, who is from Kozhikode, figured in the BJP's fifth candidates' list, which also named actor Kangana Ranaut and former Calcutta High Court judge Abhijit Gangopadhyay.

Wayanad is the second Kerala seat to see a battle of titans after Thiruvananthapuram, where Union Minister Rajeev Chandrasekhar will face the three-time Congress MP Shashi Tharoor.

The BJP has also fielded former vice-chancellor of Sree Sankara Sanskrit University K S Radhakrishnan from Ernakulam and actor-turned-politician G Krishnakumar from Kollam. T N Sarasu, a former educator, will contest from Alathur in Palakkad.

The highlight of the BJP's fifth list was the electoral debut of actor Kangana Ranaut from Mandi in her homestate Himachal Pradesh. The list, which named 111 candidates in 17 states, also featured new joinees like industrialist Naveen Jindal and Mr Gangopadhyay.

Mr Gangopadhyay, who joined the BJP recently after taking voluntary retirement, is the first former judge to join electoral politics. He has been fielded from Tamluk in Bengal and will face Trinamool's Debangshu Bhattacharya, a youth leader who had penned the party's "Khela Hobe" song.

Varun Gandhi, a sitting MP from Pilibhit, has been dropped and his seat has gone to Jitin Prasada, who switched to the BJP from the Congress in run-up to the election. His mother Maneka Gandhi has been fielded from her current seat, Sultanpur.

Actor Arun Govil, who played Ram in popular TV series Ramayan, will contest from Meerut. Union ministers Ashwini Kumar Choubey and General VK Singh too were part of the list.

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News Network
March 22,2024

The Enforcement Directorate on Friday produced Delhi Chief Minister Arvind Kejriwal before the Rouse Avenue court and sought a 10-day custody in the excise policy-linked money laundering case. "Kejriwal was the kingpin of the scam," the ED reportedly told the court after the AAP chief was produced before Special Judge Kaveri Baweja around 2 pm amid tight security. 

ASG S V Raju was appearing for the agency, while Senior Advocate Abhishek Manu Singhvi is representing Kejriwal. 

Raju in his argument said Kejriwal was "directly involved in formulation of the (liquor) policy... he was involved in handling of proceeds of crime as well in the Goa election campaign."

"The expert committee was constituted but it was a sham committee. The policy was made in such a manner that it would enable the taking of bribes and recoupment of people who gave the bribes," the ED counsel said. 

Kejriwal was produced in the trial court shortly after he withdrew from the Supreme Court his plea against arrest by the Enforcement Directorate in the excise policy-linked money laundering case. Kejriwal's counsel said he would contest the remand proceedings before the trial court and then come back to the apex court with another petition.

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News Network
March 17,2024

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New Delhi: The Election Commission on Sunday made public fresh data on electoral bonds, which it had submitted in sealed covers to the Supreme Court and was later asked to put it in public domain.

These details are believed to be pertaining to the period before April 12, 2019. Electoral bond details after this date was made public by the poll panel last week.

The BJP encashed electoral bonds totalling Rs 6,986.5 crore; maximum Rs 2,555 crore received in 2019-20, as per the EC data.

The Trinamool Congress received Rs 1,397 crore through electoral bonds, second largest recipient after BJP, as per the EC data.

On the other hand, the Congress redeemed a total of Rs 1,334.35 crore through electoral bonds.

DMK received Rs 656.5 crore through electoral bonds, including Rs 509 crore from lottery king Santiago Martin's Future Gaming.

BJD encashed electoral bonds worth Rs 944.5 crore, YSR Congress Rs 442.8 crore, TDP Rs 181.35 crore.

Political parties had filed data on electoral bonds in sealed cover as directed by the Supreme Court's interim order dated April 12, 2019, the poll panel said in a statement.

"Data so received from political parties was deposited in the Supreme Court without opening sealed covers. In pursuance of the Supreme Court's order dated March 15, 2024, the Registry of the Supreme Court has returned physical copies along with a digitized record of the same in a pen drive in sealed cover. The Election Commission of India has today uploaded the data received in the digitized form from the registry of the Supreme Court on electoral bonds on its website," EC said.

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