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Demonetisation: Would the Govt. backtrack over Dec. 30 deadline too?

Demonetisation: Would the Govt. backtrack over Dec. 30 deadline too?
A money lender counts Indian rupee currency notes at his shop in Ahmedabad, India, May 6, 2015. REUTERS/Amit Dave/File Photo

Hyderabad: If the buzz in political circles is to be believed, government can backtrack and cut short the deadline of depositing old currency notes in banks, till December 15 instead of December 30 announced earlier. According to rumours rife in the political circles, government can allow deposit of old notes in banks only upto December 15 and can ask citizens to go to Reserve Bank of India to deposit their old currency.

Within a month 11.55 lakh Cr have been deposited in the banks and it is possible that the remaining amount will be deposited with a quick pace but government left shamefaced over failing in its bid to clamp down on black money can cancel the tendering of old notes and their deposits and can direct citizens to deposit the same in RBI.

It seems that government has not gained much by its demonetisation exercise and to overcome the humiliation it will try to restore its prestige by making Jan Dhan account holders millionaires. Thus it seems to be working on the strategy to appease poor.

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