Let banks be banks, not police stations: Ramadoss

This new rule would make customers in banks feel like criminals, said S Ramadoss.

Let banks be banks, not police stations: Ramadoss

Pattali Makkal Katchi president S Ramadoss has said banks should not be made to interrogate customers like police stations or courts.

"The Central government and RBI have put new rules for depositing old currencies in banks. As expected by the Centre, black money is not going to be wiped off from the country. It is because money hoarders have already converted their black money to white with the help of their minions. The Centre is not realising the fact and is trying to pretend that they have seized huge amount of black money," Ramadoss said in a statement.


The Finance Ministry on Tuesday announced that deposits of above Rs. 5,000 can be made only once till December 30. It also said any such deposits can be made only after an account-holder satisfies the bank why it could not be done earlier.

“Tenders of SBNs (Specified Bank Notes of Rs. 500 and Rs. 1,000) in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning (the) tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation,” the RBI said.

“This new rule would make customers in banks feel like criminals. A bank should not be felt like a police station or court. Huge money hoarders are converting their black money to white with the help of officers in the Reserve Bank. It is suspicious that the Centre has now put a new rule for depositing old currencies above Rs. 5000,” said Ramadoss.