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Demonetisation Update: Things you need to know about depositing old notes in banks

Deposit

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

  • Last date to deposit old notes is Dec 30

 

Restrictions apply

  • Old notes above value of Rs.5000 can be deposited only once before Dec 30

 

Magnify

  • 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.

 

 scrutiny

  • Deposits made in small amounts above value of Rs.5000 via old notes will be subject to scrutiny

 

Regulations

  • 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

 

Exempt

  • The regulations are exempt for deposits under Taxation and Investment Regime for the Pradhan Mantri Kalyan Yojana, 2016

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