New Delhi: Modifying its stand on cash deposits in bank accounts with old Rs500, Rs1000 currency notes, the Reserve Bank of India (RBI) on Wednesday allowed fully KYC compliant account holders to deposit over Rs5,000 without any questions asked, saying individuals can bank over 5,000 rupees of old notes only once until December 30 if they provide a satisfactory reason.
RBI had on Monday imposed fresh limits for deposits in bank accounts with old Rs500, Rs1000 currency notes worth over Rs5000 in possession in a bid to curb laundering of unaccounted cash using bank accounts in multiple small amounts as well as encouraging the people to deposit their old currency notes at one go.
Here are the new cash deposit rules according to the RBI notification:
• RBI on Wednesday modified old currency deposit rules. Now, fully KYC compliant account holders can deposit over Rs5,000 without any questions asked, reports PTI.
• Old currency notes of Rs500, Rs1000 in excess of 5000 can be deposited only once till 30 December in banks.
• The deposits in such cases shall be possible only after questioning by two bank officials, as to why this could not be deposited earlier and receiving a satisfactory explanation.
• The explanation will be kept on record to facilitate an audit in future.
• The bank will raise a flag in the core banking system of the depositor to prevent any further deposits.
• Even deposits made for amount less than Rs5000, which cumulatively exceed the Rs5000 value will be subject to scrutiny, “with no more tenders being allowed thereafter until 30 December 2016.”
• The full value of old note deposits in excess of Rs5000 shall be credited to only KYC compliant accounts.
• The deposits in the non-KYC compliant accounts will be restricted up to Rs50,000 subject to the conditions governing the conduct of such accounts.
• The above limits will not apply to deposits made under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
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