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No limit on keeping cash at home: Govt
December 20, 2016
Highly placed government sources on Monday denied media reports that the government is setting a limit on keeping cash at home.
Media
reports stated that the government would set a limit on the amount of
cash that can be kept at home. The limit was speculated to be between Rs
3-15 lakhs.
Experts were of opinion that India being a developing economy, it would be difficult to set a minimum limit.
Earlier
today, the Reserve Bank of India announced that any deposit of old Rs.
500 and Rs. 1,000 notes exceeding Rs. 5000 in old notes, shall be made
only once per account until December 30.
Tenders of Specified
Bank Notes (SBN) in excess of Rs. 5000 into a bank account will be
received for credit only once during the remaining period till December
30. The credit in such cases shall be afforded only after questioning
the tendered, on record, in the presence of at least two officials of
the bank, as to why this could not be deposited earlier and receiving a
satisfactory explanation.
Despite many ATMs being recalibrated
and huge amount of new money injected into the economy, the common man
is still bearing the brunt of demonetisation.
Prime Minister Narendra Modi, while announcing the move, asked for 50 days which is going to end on December 31
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