RBI: Deposit of old notes over Rs 5k, once till Dec 30


Mumbai: The RBI on Monday has come up with yet another in its series of new rules since November 8 post demonetisation. This time the apex bank has said any deposit of over Rs 5,000 in banned currency can be made only once by December 30.

Deposits over Rs 5,000 in scrapped notes will be accepted only after two bank officials question the depositor and get satisfactory explanation which further will be on record for any future audit trail, an RBI notification said.

Even for deposits below Rs 5000, either at a time or cumulatively, bank officials may follow the same procedure. Deposits of amounts exceeding Rs 5000 can be credited only to KYC-compliant accounts, and if these are not compliant, credits might be restricted up to Rs 50,000.

The RBI notification said the new banking restrictions will prompt people to make deposits under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

Leave A Reply

Your email address will not be published.