Old notes worth over Rs 5000 can be deposited only once per account until December 30

RBI has announced that old currency notes exceeding the sum of Rs 5000 can be deposited only once per account until December, 30

The Reserve Bank of India on Monday announced that the old currency notes of Rs 500 and Rs 1000 of more than Rs 5000 can be deposited only once per account until 30 December.

However, under the Taxation & Investment Regime for Pradhan Mantri Garib Kalyan Yojana PMGKY 2016, there is no limit on quantity or value of specified bank notes tendered for payment & deposit.

The RBI further affirmed that full value of tenders of SBNs in excess of Rs 5000 shall be credited to only KYC compliant accounts while asserting that if accounts are not KYC compliant, credits may be restricted up to Rs 50,000 subject to conditions governing the conduct of such accounts.

Also, if you are depositing more than Rs 5000 or a huge sum of money till 30 December the bank will also ask you to explain that particular income. You may have to justify why you chose to deposit that amount of money since the decision to demonetise Rs 500 and Rs 1000 notes were made on 8 November.

Adding that old Rs 500 and 1000 notes in excess of Rs 5000 into the bank account will be received for credit only once during remaining period till 30 December, RBI said that credit in these cases will be given only after receiving a satisfactory explanation.

Last week, the Finance Minister Arun Jaitley had said the government was trying to ensure that the new currency will be made available to the people at the earliest. He also said that the Reserve Bank of India has taken necessary steps to keep the banks open to the extent as required.

The government also stated that new Rs 1000 currency notes will be introduced in few months time with a new dimension and design. Jaitley added that only those with large amounts of undisclosed money who will have to face the consequences under existing laws.