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| Demonetization of currency sets alarm bells ringing among mainstream politicians | | | Jehangir Rashid
Early Times Report
srinagar, Nov 10: With the announcement that Rs. 500 and Rs. 1000 notes are no more legal tender in country politicians belonging to different mainstream political parties of the state are worried as how to exchange their wealth that is present at their respective homes.
Sources told Early Times that cash amounting to lakhs of rupees is lying at the residence of different mainstream leaders in Kashmir. These people are worried as how to deposit the amount at the banks since the government has placed a ceiling on the whole process.
"Government of India's decision to demonetize the currency has set alarm bells ringing among the ranks of politicians who have amassed huge wealth over the years. These people used to keep huge chunk of cash at their home and would deposit the same in the banks according to their own convenience. However, the latest directive has put these people into tizzy and they are yet to come to grips," said sources.
Sources said that some of the lawmakers have already voiced their concern over the latest development and are at loss as how to deposit the cash with the bank since ceiling has been put on the same. There are chances that these lawmakers may deposit the amount in different accounts and not a single account, but here too they might land into trouble.
"At least two law makers of a ruling party are worried since they have good amount of cash lying at their respective residences. One among them was talking to his spouse about the cash on telephone with the lawmaker asking her not to be tense. The lawmaker said that he would motivate the manager of a particular bank branch to accept the cash without any problem," said sources.
Sources said that this lawmaker who runs a private college in the outskirts of summer capital of the state has a history of accumulating huge cash received on account of donation and fees from the students of the college. However, this time around he might land into trouble since he would have give details to the bank as and when he goes to deposit the cash there.
"Yet another lawmaker is also worried since he too has a history of keeping good amount of cash at his home. This lawmaker operates many accounts in different branches of separate banks and as such he would not get trapped. It remains to be seen as how this lawmaker would come out of the present crisis. In addition to this there are many others who too are worried since they have accumulated huge amount of cash and the same is lying at their homes," said sources.
It would be in place to mention here that Prime Minister Narendra Modi had on Tuesday evening announced that Rs. 500 and Rs. 1000 notes are no more a legal tender in the country. People have been given a time frame upto December 30 this year to either deposit the notes in their respective accounts or exchange the notes at banks. |
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