Prime Minister Narendra Modi has called Cabinet meeting late on Thursday (Nov 24) evening, possibly to discuss the penal 200 per cent tax that is keeping away the scrapped 500 and 1000 rupees notes from entering the formal system.
The meeting, summoned at a very short notice, comes amid reports of high tax penalty terrifying people from putting their cash savings into the formal banking system.
Sources said the government wants all of the 500 and 1000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.
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