"Desperate government resorting to desperate measures."

New RBI rule hits poor middle class P ChidambaramPTI/file photo
news Demonetisation Tuesday, December 20, 2016 - 16:41
Written by  IANS

Former Finance Minister P Chidambaram said the new RBI cap on deposits of demonetised currency had left the poor and middle class high and dry on Tuesday.

"Desperate government resorting to desperate measures," the Congress leader tweeted in reaction to the Reserve Bank of India's decision to put curbs on deposits in banks of the old currency.


He said the RBI announcement of Monday that people cannot deposit over Rs 5,000 in 500 and 1,000 rupee notes more than once amounted to breaking Prime Minister Narendra Modi's promise of November 8 and Finance Minister Arun Jaitley's assurance of November 11 that all the demonetised currency will be accepted till December 30 without any restrictions.

On Tuesday, Jaitley clarified that people won't be questioned if they deposit old currency of any amount at one go.

"RBI makes new rule on deposit, FM contradicts. Who should citizen believe? Neither has credibility," Chidambaram said.


Topic tags,
Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.