Government to distribute massive deposit bonanza to middle class, poor post demonetisation drive

Zee Media Bureau

New Delhi: The endless wait in long queues outside banks and ATMs, and hardships faced by common public due to cash crunch is not going to go down in vain.

As per a Timesgroup report, government is planning a huge relief in the form of tax or some other financial bonanza from the money collected by banks in demonetisation drive.

RBI, on Monday, said that people have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency.

Prime Minister Modi has directed officials to identify a few schemes which will have direct benefit to common public and in the shortest possible time, added the report.

The next Union Budget, which will be announced on February 1, is expected to bring out these schemes, separately for the poor and middle class.

PM Modi is expected to talk about distribution of deposit bonanza to common public in his forthcoming Man Ki Baat, and may even ask common public for suggestions, added the report.