No scrutiny of deposits of any amount of banned notes in one go: Jaitley


The Hindu

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Union Finance Minister Arun Jaitley on Tuesday clarified that no questions will be asked on deposits of demonetised notes of any quantity as long as deposits are made in one go. Repeated deposits will attract scrutiny, he pointed out.

Mr. Jaitley also spoke for the first time officially on the alleged Axis Bank fraud in which the investigating authorities had found about Rs. 60 crore in 20 fake accounts. He said the head of the bank had submitted a report on the fraud and that the bank had taken internal actions as well.

“Since the exemptions on using old currency has gone, we have put restrictions on old currency deposits in banks. There are no restrictions and no questions will be asked on deposits made in one go. But depositing old currency in the same account every day raises suspicion,” Mr Jaitley said at a press conference.

The Minister was talking a day after the Reserve Bank of India issued a notification laying out strict rules, under which deposits of more than Rs 5,000 in the demonetised notes will be credited to the account only after the depositor provides an on-record explanation in front of at least two bank officials as to why the old currency was not deposited so far.

“Taking advance printing and current printing together, the RBI has been maintaining the money stock, and even today, the RBI has more than adequate stock, not only to last them till December 30, but to last them far beyond that. There has not been even one day in which the RBI has not provided enough currency to the banking system,” he said.

The government was not releasing data regarding the currency in circulation due to the inaccuracy of double counting, he said.

The new income tax slabs the government was considering wouldl be revealed when they were decided, he added.

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