Deposits Over Rs 5,000 In Old Notes Allowed Only Once Per Account Till 30th December, 2016

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On Monday, RBI issued a new directive to keep a check on the laundering of money through bank accounts. As per this new directive, deposits above Rs. 5000 in the denominations of Rs. 500 and Rs. 1,000 of old currency notes can be made only once per account till Dec 30, 2016.

However, for the deposits made in new bank notes, no limit has been imposed. The depositor will need to give satisfactory answer as to why he didn’t deposit the money in the account earlier if he has to make deposit of more than Rs. 5000.

If a person tries to play with the rule and makes several deposits in amounts lesser than Rs. 5,000, then they will also be questioned in the same manner as those who deposit more than Rs. 5,000 more than once in their accounts.

RBI said that deposits more than Rs. 5,000 can be made in new notes but the accounts in which they are deposited should be KYC-compliant. If the account doesn’t fulfill the KYC compliances, then the limit of deposits might be Rs. 50,000.

However, this limit is not applicable to the deposits made in new currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

For the deposits made in third party account in new currency, authorization is needed from the third party.

RBI is supposed to make some more announcements regarding guidelines later this evening, on how to keep a check on the deposits more than Rs. 5000.

Do let us know your opinion with regard to it in the comments section below.

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