No limit on keeping cash at home: Govt.

Highly placed government sources on Monday denied media reports that the government is setting a limit on keeping cash at home.

Media reports stated that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3-15 lakhs.

Experts were of opinion that India being a developing economy, it would be difficult to set a minimum limit.

Earlier today, the Reserve Bank of India announced that any deposit of old Rs. 500 and Rs. 1,000 notes exceeding Rs. 5000 in old notes, shall be made only once per account until December 30.

Tenders of Specified Bank Notes (SBN) in excess of Rs. 5000 into a bank account will be received for credit only once during the remaining period till December 30. The credit in such cases shall be afforded only after questioning the tendered, 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.

Despite many ATMs being recalibrated and huge amount of new money injected into the economy, the common man is still bearing the brunt of demonetisation.

Prime Minister Narendra Modi, while announcing the move, asked for 50 days which is going to end on December 31.