A Sendhwa town-based hotel owner-cum-milk seller in MP deposited Rs 2 lakh in Rs 100 denomination at the local branch of IDBI bank on Thursday, setting an example for others to follow.
Manoj Patil, 28, said 100 needy people will be benefitted by his Rs 2 lakh.
“Somebody had suggested me to ‘exchange’ it for old Rs 500 and Rs 1000 notes and get a ‘Rs 40,000 benefit’ but I decided against it,” he said.
Patil said Prime Minister Narendra Modi’s decision to demonetise high-value currency aimed at checking black money and circulation of fake currency. He said he could have easily exchanged his currency with old Rs 500 and Rs 1000 notes and deposited in bank as there is exemption up to Rs 2.5 lakh.
“But my conscience didn’t allow me to do so, as it is against the law.”
IDBI bank Sendhwa branch manager Jeewan Panchal said nobody has turned up with such a big amount in Rs 100 denomination notes since November 9.
“Patil has shown a true spirit to support the PM’s step,” Panchal said.
Praising Patil’s benevolent gesture, Bank of India branch manager Sendhwa JK Jain said, “Since PM’s announcement to demonetise two high-value notes, I haven’t hear anybody depositing a huge amount of Rs 2 lakh in 100 denomination notes. Everybody is coming here with Rs 500 and Rs 1,000 notes for deposit or exchange.”
Jain said 10 to 20 notes of Rs 100 denomination were the maximum he saw since November 9. Patil is not the account holder of this bank.