Yogendra Yadav, former AAP member and now founding member of Swaraj Abhiyan, gives voice to the growing frustration of Indians to the government's whimsical and ever-changing rules on demonetisation.

The RBI on Monday said that deposits totaling more than Rs 5,000 in old Rs 500 and Rs 1,000 notes can be made only once per account until December 30.

The RBI said yesterday that if someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.

Finance minister Arun Jaitley said today, "If you have old currency, deposit it with banks at one go as repeat deposits of such notes raise doubt."


Accordingly, Yadav posted this letter given to his bank, saying:

This is the "explanation" I have given to my bank for making a small deposit today:

"I have made no cash deposit in my account since 8 november 2016.
I see no reason to offer any special explanation for the same [for making the deposit now]. I normally like and wait for the queues to end. I was assured by the Prime Minister,the Finance Minister and the RBI that there was no need to rush to the banks and that I had till 30 December for making any deposit. I believed them."


On November 12, a week after PM Narendra Modi announced demonetisation, finance minister Arun Jaitley held a press conference where he outlined the rules under the demonetisation scheme. One of the pointers towards tackling the government's new move was: "Don't rush to banks right now for exchanging or withdrawing old Rs 500 or Rs 1000 notes as there are massive crowds. Wait for a few days as the scheme is open till December 30."


A PIL has now been filed in the SC challenging the December 19 government notification permitting only one-time deposit of old currency of more than Rs 5000 between Dec 20-30.


Image: Yogendra Yadav posted a copy of his letter to his bank on his Facebook page.