In a yet another big announcement, Prime Minister Narendra Modi has said that now you can make a deposits in Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once per account till December 30th.
The government's press release has also said that deposit of over Rs 5000 can be deposited in the presence of at least two officers after you have explained the reason for not depositing money earlier.
Now the billion dollar questions are:
Why the Reserve Bank of India is silent on Rs 5000 cap on depositing old currency notes?
Can anyone who could not deposit their banned currency before today be a hoarder of black money? Why do they need to give a reason for not depositing money earlier?
How bankers can validate a depositor?
Why PM Modi is coming up with new rules and regulations every now and then despite allowing citizens of India 50 days time to deposit Rs 1000 and Rs 500 notes in their bank accounts.
Earlier on November 8th, Prime Minister Narendra Modi had given 50 days time to deposit old currency notes. But since then repeated flip-flops rules are taking everyone by surprise.
The former Prime Minister Manmohan Singh recently gave a warning to the central bank about trust deficit for dealing with currency ban.
"It is no good that every day the banking system comes with modification of the rules, the conditions under which the people can withdraw money. That reflects very poorly on the Prime Minister's office, on the finance minister's office and on the Reserve Bank of India. I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism which I think is fully justified."
There are many unanswered questions that every one of us wants the government to answer. But the government as well as the RBI is silent.