Note ban: Yogendra Yadav's handwritten note says he believed in PM's promise

The RBI on Monday said people can make deposits in the banned notes in excess of Rs 5,000 only once per account in the 10 days left to deposit into their accounts

Note ban: Yogendra Yadav

Following the Reserve Bank’s latest direction to limit deposit facing criticism, Swaraj Abhiyan leader Yogendra Yadav’s explanation for making a deposit into his bank account is getting attention on Twitter.

Breaking another promise of the Central government on demonetisation, the RBI on Monday said people can make deposits in the banned notes in excess of Rs 5,000 only once per account in the 10 days left to deposit into their accounts.

Offering an explanation to his attempt to make a deposit, Yogendra Yadav, who made his written note public on Twitter, said in the note that he hasn't made any cash deposit in his account since November 8 and that he had no reason to offer any special explanation for the same.

“I normally like and wait for the queues to end. I was assured by the Prime Minister, the Finance Minister and the RBI that there was no need to rush to the banks and that I had till 30 December for making any deposit. I believed them,” he wrote.




Announcing the demonetisation of high value notes on November 8, Prime Minister Modi had said persons holding old notes of 500 or 1,000 rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit.

However, the RBI put a new restriction saying the deposit amounts to more than RS 5000 will be accepted only after giving a satisfactory explanation to two bank officials on why this could not be deposited earlier.

“The credit in such cases shall be afforded only after questioning 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,” a press release issued by RBI stated.  

“Even if the deposits are made in small amounts multiple times, if they add up to the magic number of Rs 5,000, again you stand exposed to questions,” it added.