Prime Minister Narendra Modi might give yet another shock to the already beleaguered people of the country by cutting short the deadline for depositing the old currency notes.
According to reports from Delhi, the old notes would be accepted only till December 15, instead of December 30. After that, the people have to go only to the Reserve Bank of India to deposit the old currency.
Apparently, this is to prevent illegal transactions by banks with big people who are quickly converting their black money in old currency into white of new currency with support of unscrupulous bank officials.
The government is of the view that since Rs 11.55 lakh Cr have been deposited in the banks in the form of old notes, it is possible that the remaining amount will be deposited with a quick pace.
The government has obviously failed in its bid to clamp down on black money and has not gained much its demonetisation exercise.
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.
