Stiff deposit rules, EFP rate cut double surgical strikes:Cong

Dubbing them as "double surgical strikes" on the common man, Congress today demanded that Modi government rollback the stiff restrictions on depositing more than Rs 5,000 in the scrapped notes and attacked lowering of the EPFO interest rates for 2016-17.
"The Modi government has carried out a double surgical strike on the common man. They have reduced savings rate on EPF from 8.8% to 8.65%. Demonetisation on one hand & attack on EPF on the other, the government is hurting the common man," party's chief spokesman Randeep Surjewala told reporters.
Surjewala also targeted the government for what he said its attempts to convert banks into police stations by asking them to carry out inquiry for deposit of over Rs 5,000.

"Banks are meant to service the people, they aren't Police Stations. By assuming that every Indian is a criminal betrays a criminal mentality of the people making such an assumption," he said.
Imposing stricter restriction on deposits, RBI today said old notes 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.
Stating that the government has placed "another hurdle" in front of common man by the new rule, Surjewala claimed that the rules on demonetisation have changed "125 times".

Besides, he claimed more than 100 people have died in queues before banks since the November 8 decision. "Who is accountable for this?" he asked the Prime Minister.

Targeting the Prime Minister on the issue of digital economy, he alleged the e-wallet company, which got permission by the Modi government, is directly benefiting from demonetisation at the cost of common man.
He claimed that if Rs 100 flows 20 times, using this e-wallet, the value of that Rs 100 will become zero because 5 per cent is charged by the company.
"Modiji's objective is simple, take from the poor and give to the rich. Modiji talks about a cashless economy. Well our banks are 'cash less.' Our ATMs are 'cash less.' Our people are cash less," he alleged.

Surjewala was equally scathing in his criticism of the retirement fund body EPFO deciding to lower the interest on EPF deposits for the current fiscal to 8.65 per cent, from 8.8 provided in 2015-16, impacting its over 4 crore subscribers.
He said the move would hit hard the workers already reeling from the impact of demonetisation.