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  • 2 years ago
Notes Ban: Rules Changed Again, Reflects Poor Implementation?

Notes Ban: Rules Changed Again, Reflects Poor Implementation?

Ever since Prime Minister Narendra Modi dramatically announced the end of the 500 and 1,000 rupee notes on the night of November 8, there have been more than 50 notifications by the finance ministry and the Reserve Bank of India on the rules of withdrawing and depositing money. While the PM and the Finance Minister Arun Jaitley said people didn't need to rush right away to banks to deposit old notes and they had time till the end of December, turns out, not quite. The government changed its mind once again. Today the Reserve Bank of India announced that people can deposit over Rs 5,000 rupees in the old notes only once and when they do they will have to explain to at least two bank officials why this could not be deposited earlier. Have the constantly changing rules helped or hurt ordinary people?

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