More than Rs 5,000 Deposit Only Once Per A/C Before 30 Dece

By : 20-Dec-2016
Demonetisation, Rs 5,000,Deposit,30 Dec

In an effort to curb the money laundering, the Reserve Bank of India along with the Ministry of Finance have put up new restriction on deposits of old Rs 500 and Rs 1,000 until 30 December.

 According to their notification, deposits of the demonetised notes above Rs 5,000 are allowed until 30 December that means the last date for banks to accept old notes.

However, there are no restrictions on depositing cash under the Pradhan Mantri Garib Kalyan Yojana.

The RBI notified the public through its website that the tenders of the specified bank notes in excess of Rs 5,000 into a bank account will be received for credit till the mentioned date.

The central bank has also said that the notes will be credited to deposits only after questioning tenderer in the presence of at least two officials of the bank.

The explanation must be recorded for facilitating an audit trail in the future.

In the event the customers has ended up making deposits as smaller as Rs 5,000  in their accounts then they may still have to face the questions from the banks officials.

The high value deposits above Rs 5,000 shall be credited to only KYC compliant accounts. In case the accounts are not KYC compliant the limit for deposits remains at RS 50,000.

The underlined rules and regulations are not applicable to deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana. 

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