Crackdown on black money: Political gaffes are common place, especially when it comes to India, but this time it seems that UP CM Akhilesh Yadav has gone overboard with his bizarre comments. Akhilesh Yadav has reportedly said that black money is actually good for the economy! Yadav has said that economists were of the opinion that black money helped the Indian economy in times of global recession. “I am very clear on this…black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of strong (parallel) economy of black money,” he said.
Incidentally, Akhilesh Yadav has vociferously opposed the Narendra Modi government’s massive demonetisation of old Rs 500 and Rs 1000 notes. The UP CM had even written to Finance Minister Arun Jaitley to delay the step till November 30.
Ahead of the Parliament’s Winter session, the Opposition – Congress, Samajwadi Party, Trinamool Congress and Left – have united to oppose the demonetisation move and protest against the ensuing inconvenience to the public. Last week PM Narendra Modi announced that in a big fight against black money and corruption, all old Rs 500 and Rs 1000 notes will no longer be legal tender money. Even as Narendra Modi government’s massive demonetisation drive plays out, the RBI and government are regularly reviewing cash withdrawal limits at banks and ATMs to reduce the inconvenience to common man. The government has clearly said: There is enough cash in the system to meet the requirement. Members of the public are, therefore, advised not to have any sense of panic.
However, reports from across the country indicate that people are queuing up to exchange old notes and withdraw money day after day. Many banks and ATMs are running out of cash to cater to the demand. The government has announced a series of new steps to improve the situation. The withdrawal limit of Rs 20,000 per week has been enhanced to Rs 24,000. The withdrawal limit of Rs 10,000 per day has been removed.
The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs 2500 per withdrawal. The limits are likely to be raised to Rs 4,000 per day per card from November 19, 2016. Banks have been advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till December 30, 2016.
The Rs 1,000 note will return in a new avatar soon, with a major overhaul and image makeover. haktikanta Das, Department of Economic Affairs (DEA) Secretary has said in the next few months, new color combination, new dimension and design 1000 rupee notes will be released.