- Old Notes in excess of Rs 5,000 into a bank account can be deposited only once till December 30: RBI
Old Notes in excess of Rs 5,000 into a bank account can be deposited only once till December 30: RBI
To check the laundering of unaccounted for cash through bank accounts, the RBI on Monday said that deposits totalling more than Rs 5,000 in old Rs 500 and Rs 1,000 notes can be made only once per account until December 30.
However, there is no limit on the value of deposits of new bank notes — also called specified bank notes — under the Taxation & Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016.
If someone has more than Rs 5,000 in old notes, a deposit will only is allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.
6 things you need to know about depositing old notes in banks
1) Deposits more than Rs 5,000 in old notes allowed just once per account until December 30, 2016.
2) Deposits of over Rs 5,000 will be afforded only questioning By 2 bank officials. The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.
3) Even when notes smaller than Rs 5000 are made in an account and such notes taken together on cumulative basis exceed Rs 5,000 they may be subject to scrutiny.
4) No more notes can be deposited after December 30.
5) Full value of notes in excess of Rs 5,000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to Rs 50,000 subject to the conditions governing the conduct of such accounts.
6) The curbs are not applicable to notes for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.