Sat, Dec 10, 2016 | updated 06:17 PM IST

Govt. should have taken care about "post surgical strike": Shotgun on demonetization

Updated: Nov 18, 2016 18:01 IST

New Delhi [India], Nov. 18 (ANI): Actor-turned politician Shatrughan Sinha on Friday lauded Prime Minister Narendra Modi's demonetisation move but criticized the Centre over the delay in announcing the new guidelines post this decision.

"I appreciate the dynamic move of Prime Minister Narendra Modi against black money, but his team has not done its homework properly. In our economy they termed it as a 'surgical strike', but they should also have taken care about post surgical strike for provision of currency under the demonetisation rule," Sinha told ANI outside the Parliament here.

"There is so much chaos in our country as the people are standing in queues, are dying and are even getting sick. The people are complaining that they have to stand in long queues to withdraw their own money," he added.

Sinha also questioned the delay in announcing new guidelines post the demonetisation move.

"Many people ask that what's the need for banning Rs. 500 and Rs. 1,000 notes and come up with Rs. 2,000. Is it a solution? And if you are banning the notes like this suddenly then who knows that they might ban even Rs. 2,000. I am not blaming the Prime Minister for this. The Prime Minister has done what the nation needs. All of us and the country want to curb black money," he said.

The government today said quoting of PAN is mandatory for cash deposits aggregating to Rs. 2,50,000 or more in bank accounts and it is also mandatory for cash deposit of over Rs. 50,000 in a single day in scheduled or a cooperative bank.

The Finance Ministry in a statement said the additional requirement of quoting PAN has been made mandatory to avoid ill-gotten wealth or black money being converted into white during the 50-day window given for depositing the scrapped notes in bank accounts.

This is in addition to existing provision making it mandatory for quoting of PAN for purchase of bank drafts or pay orders or banker's cheques from banks in cash for an amount exceeding fifty thousand rupees during a day.

It also said any time deposit with a bank or post office as well as opening of an account other than Jandhan or basic bank deposit account also require PAN to be quoted.

Taking into consideration the requirement of cash to meet growing expenses during the sowing season, the government had earlier on Thursday enabled the farmers to withdraw up to Rs. 25,000 per week from their Know Your Customer (KYC) compliant accounts. (ANI)