RBI Restricts Deposit of Old 500, 1000 Notes

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Mumbai:  Reserve Bank of India (RBI) today restricted the deposit of demonetised Rs 500 and Rs 1000 in excess of Rs 5,000 into a bank account only once during the remaining period till December 30, 2016. 

Also, old Rs 500/1000 notes in excess of 5,000 into bank accounts will be received for credit only once during remaining period till December 30. 

The credit in such cases shall be afforded 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.

Even when tenders smaller than Rs 5,000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5000 they may be subject to the procedure to be followed in case of tenders above 

Rs 5000, with no more tenders being allowed thereafter until December 30, 2016.

It may also be ensured that full value of tenders of SBNs in excess of Rs 5000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to Rs 50,000 subject to the conditions governing the conduct of such accounts.

However, the above restrictions shall not apply to tenders of SBNs for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

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