MADURAI: The Tamil Nadu Chamber of Commerce and Industry here has condemned the Reserve Bank of India’s announcement setting more conditions on the deposit of old notes over Rs 5000.
The sudden restriction on deposits of demonetised Rs 500 and Rs 1000 with a rider that it could be deposited only once up to December 30 and any one who deposited more than the stipulated Rs 5000 shall have to give explanation for delay. Such money would be given credit only after the bank official was convinced with the statement, which would be recorded in the presence of two other officials.
This, the Chamber’s senior president S. Rethinavelu described as “incongruous” and appealed to the Finance Minister Arun Jaitley to intervene. When the FM had announced earlier that people could deposit demonetised sums till December 30 and need not rush to the banks with panic, the sudden and abrupt restriction was blatantly discordant.
The RBI had no liberty to impose any condition contrary to the announcement of the Finance Minister. When many people, holding more than Rs 5000, waited for depositing them in the banks till December 30, they have been severely impacted now due to this announcement, Chamber president N. Jagatheesan said.
