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RBI restricts deposit of old notes, can deposit over Rs 5,000 only once till Dec 30

RBI restricts deposit of old notes, can deposit over Rs 5,000 only once till Dec 30

 

The RBI announced on Monday that demonetised currency above Rs 5,000 can now be deposited in bank accounts only once till December 30. People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier, the RBI said in a notification here.

 

Only after getting a satisfactory explanation credit would be given. The bankers will keep the explanatory statement on record for future audit trail.

 

"An appropriate flag also should be raised in CBS (Core Banking Solutions) to that effect so that no more tenders are allowed," RBI said.

 

In its notification, the Reserve Bank of India instructed all the banks to give full credit to demonetised notes over Rs 5,000 only in the case of accounts compliant with `Know Your Customer' (KYC) norms.

 

If the accounts are not KYC compliant, then the credit for deposits of demonetised currencies will be restricted to Rs 50,000.

 

 

The government has said it had come across instances of the corrupt using bank accounts of the poor to make deposits of banned notes. The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

 

 

 

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