Do you still have old notes worth over Rs 5,000 in your possession and are planning to deposit it? Then you need to hurry up ! The RBI today issued a fresh set of limits for such deposits to check laundering of unaccounted cash using bank accounts.
Now, large deposits cannot be made multiple times in bank accounts.
- Last date to deposit old notes is Dec 30
- Old notes above value of Rs.5000 can be deposited only once before Dec 30
- Deposit of old notes above value of Rs.5000 will be subject to audit and taken on record. A satisfactory
explanation will be required during such deposit.
- Deposits made in small amounts above value of Rs.5000 via old notes will be subject to scrutiny
- Only KYC compliant bank accounts will be credited with full value of deposits made above Rs.5000. Non complaint
accounts will be restricted to credits limiting upto Rs.50,000
- The regulations are exempt for deposits under Taxation and Investment Regime for the Pradhan Mantri Kalyan Yojana, 2016