Demonetisation rule change : Big decision of government on the deposit of old currency

By 19th December 2016 0 Comments


The finance ministry and the Reserve Bank of India have put in place new restriction on deposits of old Rs 500 and Rs 1,000 until 30 December in another effort to curb money laundering.According to a finance ministry notification (read here), deposits of the demonetised notes above Rs 5,000 can be made only once until 30 December, the last date for banks to take deposits of old notes. However, there is no restrictions on depositing cash under the Pradhan Mantri Garib Kalyan Yojana, a black money declaration scheme under amended taxation laws.

“Tenders of SBNs (specified bank notes) in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016,” the RBI said in a notification to banks posted on its website.The central bank has also said in such cases the notes will be credited to deposits “only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation”.”The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed,” the RBI has said.
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