Source: News Bharati English19 Dec 2016 12:39:45

New Delhi, December 19: The RBI Ministry has passed another new notification, deposits of old Rs 500 and Rs 1,000 notes worth more than Rs 5,000 into bank accounts can be made only once till December 30. The government has announced fresh restrictions on deposits to check ‘laundering of unaccounted cash’ using bank accounts.

"Large deposits cannot be made multiple times in bank accounts. People can deposit up to Rs 5,000 on which there is no restriction," a senior finance ministry official said.

For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account. The money will be credited to the account only after receiving a satisfactory reply from the customer as to why the amount couldn’t be deposited earlier, the RBI said.

Embeded Object

However, there is no limit on the value of deposits of new bank notes — also called specified bank notes under the Taxation & Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016. According to the new set of rules notified by finance ministry on December 17. The limit for withdrawals has remained unchanged at Rs 24,000 per week.

It’s, however, not clear whether the restriction will apply retrospectively and bar anyone, who has already made some deposits of more than Rs 5000 into their accounts since 8 November. The RBI will also issue fresh guidelines later this evening prescribing enhanced checks for deposits over Rs 5000.

So far over 50 such directives have been issued, with banks requiring monitoring CCTV footage for suspicious activity being among the latest. The government had also cut short the dates till which Rs 500 notes could be accepted. Earlier, the government allowed the use of Rs 500 notes to pay for utility bills and medical expenses.