Opposition takes a swipe at govt after RBI’s U-turn

RSTV Bureau
A man counting his Rs 500 and Rs 1000 notes for depositing in a bank following their demonetization in Agartala, Tripura on Wednesday.

File photo of a man counting his Rs 500 and Rs 1000 notes for depositing in a bank following the demonetization. Photo – PTI

After the Reserve Bank amended its order on Rs 5000 or above deposit, two days after it was announced, the Opposition took a swipe at the Modi government even accusing it of behaving like a “confused” traffic signal exhibiting different colours at the same time.

First to attack was Congress vice president Rahul Gandhi, who took to the social networking to criticise the “repeated” changes in the rules regarding deposit of old currency notes in banks.

On Tuesday, he had termed the changes in the rules to Prime Minister Modi’s changing of “clothes” and said that the message going out was that the Prime Minister’s words were “hollow”.

The government had on Monday come up with the new decision of deposit in old tender, under which an amount more than Rs 5,00 in scrapped currency can be deposited only once per account till December 30. Earlier, the Prime Minister, while announcing the demonetisation decision on November 8, had said old Rs 500 and Rs 1,000 notes could be deposited in banks till December 30 without any questions asked.

The RBI was forced to take a U-turn today after reports of public outcry and massive inconvenience as banks refused to accept the cash in old notes exceeding Rs 5000.

Criticising the U-turn, Congress party’s chief spokesman Randeep Surjewala said, “Unfortunately, Reserve Bank of India has become ‘Reverse Bank of India’!”

“The rules of RBI are like weather, which keeps on changing and therefore, requires hourly bulletins to inform people,” he said writing on micro-blogging site Twitter, adding, “Daily ‘headline management’ is the norm for Modi Govt.

Surjewala also referred to the remarks of Andhra Pradesh Chief Minister Chandrababu Naidu, who after supporting demonetisation initially, did a volte face on Tuesday saying the move has created many troubles for the common man.

“AP CM, NDA ally & head of #DeMonetisation Committee is breaking his head over the mess. Do u need more proof Modiji?” Surjewala said.

Other opposition parties too flayed the government after the latest amendments of rules.

CPI’s D Raja charged that the Finance Ministry and RBI are issuing circulars and guidelines one after another, and it “seemed there are contradictions between the two”.

“Moreover, it also shows lack of preparedness and clarity on how the policy can be implemented,” he said.

(With inputs from the PTI)