P.M. Narendra Modi who has been hard selling the expected gains of his shocker he gave to the nation through his measure of Demonetisation on 8th of November, 2016 had mentioned that ‘there may be some who for some reason, are not able to deposit their old 500 or 1000 notes by the deadline of 30th December 2016’ and such of those can “They can go to specified offices of the Reserve Bank of India up to March 31, 2017, and deposit the notes after submitting a declaration form.”
The RBI even th
ough designated five of its offices, Mumbai, New Delhi, Chennai, Kolkata, and Nagpur, as designated centers wherein the now defunct notes can be exchanged, yet thought otherwise when it came to determining the eligibility of who can do so.
According to its dictat, it can be done only by the NRIs and Indians returning from abroad, who also have physically declared their junked notes to the Customs Officials at the airport and have such a declaration stamped in the form prescribed for that purpose; others can not exercise this privilege.
Thus, the RBI has shown to the P.M. how much it cares for its autonomy and exercise the powers according to what it thinks and not what the P.M. had proposed.
In effect, the P.M. proposes and the RBI Disposes holds meticulously good!In the process, it hardly matters if the citizens suffer.
Of course, in addition to the hardships they have to undergo for achieving the objective of uprooting the black money and all the money out of the Indian economy, they also would have to bear the confusion as to whom they should listen, Modiji or the RBI.
Of course, we need to reconcile to reinforce our belief in a ‘no cash’, sorry, ‘cashless’ society!