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Indian PM Modi Raises Cash Withdrawal Limits

Modi raises banknote limits as banks get 3t rupees in deposits Demonetisation: PM Modi takes on opposition, says the poor are with him
Irmina Pasquarelli | 17 Novembre, 2016, 00:08

The Narendra Modi government yesterday surpassed a major legal hurdle after the Supreme Court refused to stay its notification demonetising Rs 500 and Rs 1,000 currency notes but told it to reduce the inconvenience of the people. "Tears in Modi's eyes can not wipe out the tears of crores of people in the country", CPI general secretary S Sudhakar Reddy said in a statement.

Hitting out at the opposition, BJP on Tuesday said while Prime Minister Narendra Modi is working to curb black money and corruption with his demonetization exercise, rival parties have "ganged up" against him. They also increased cash dispensing machine withdrawal from 2,000 rupees to 2,500 rupees. The Reserve Bank of India on Sunday urged the public not to be anxious and avoid going to banks repeatedly to withdraw and hoard cash.

Meanwhile, banks are witnessing a massive cash inflow following the demonetisation move, with several penniless accounts now holding thousands in deposits.

Yesterday it was announced that old banknotes can be used at petrol stations, hospitals and pay bills until November 24. This is the second time that an extension has been granted - it first ran to November 11, then until November 14. Hence, the government will take more action to fight tax evasion including benami property.

Modi, who claimed he sold tea in his youth, said his decision, though harsh, will have long term benefits.

"Key people of BJP as well as industrialists close to the power centre were informed in advance about the plan to ban high value banknotes so that they could make necessary arrangements to legalise their money".

Das said there were 120,000 banking correspondents - people authorised to accept small deposits on behalf of banks - and more than 130,000 branch post offices in the country.

"If this continues for another week, movement of goods will come to a standstill", said Ramesh Kumar Gulati, national secretary of All India Transporters' Welfare Association. This caused significant shortage of cash among the citizens.

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