Cyber Journal 24 Web News, December 29, 2016
Yesterday, the NDA Government has passed Specified Bank Notes Cessation of Liabilities. This would allow agencies to take action against individuals who keep banned currency in their possession.
Reports suggest that the final deadline to submit old notes in banks will remain December 31, 2016. After that, only RBI has the authority to accept old notes of Rs.500 and Rs. 1000 until March 31, 2017.
If old notes (amount not specified by the Govt) are found in anyone’s possession after March 31, 2017, investigative agencies have the authority to act against the person and charge a fine for the same. He or she is liable to spend four years in jail. If people are found making transactions with old notes, they will have to pay a penalty of Rs. 5000.
No doubt that the government’s intention is good, but our corrupt police machinery can use this to blackmail and extort money from people who remain unaware regarding laws and their rights as a citizen.
Let’s see how Twitter reacted to the announcement-
Ball’s out of the stadium
As per a report published by the Times of India, around 90 percent of the scrapped currency is back in the system. The government may register an increase in tax revenue because of bank account holders who deposited more than Rs. 2.5 lakh. Small household savings have also entered banking system due to demonetization. NDA Government is expecting more declaration under their Pradhan Mantri Garib Kalyan Yojana. But, are these gains good enough, considering all the inconvenience that the common man happily went through?
During the last two months, the country has witnessed how the rich managed to escape queues and got their notes converted with the help of corrupt bankers. Some of them were arrested, but that’s probably just the tip of the iceberg.
Most of the ATMs still remain nonfunctional and bankers suggest currency shortage may continue for a few months more. Initially, demonetization was being presented as government’s move to control corruption and to destroy the parallel economy. But now, the ruling party is showing as if demonetization was done to promote cashless transactions. December 30 is just a day away, and countrymen are waiting to see if PM Modi can manage to get the corrupt banking system in place and avoid causing any more inconvenience to people.
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