 "New rules: You can deposit more than Rs 5,000 in bank accounts only once till 30 Dec")
Deposits of old notes exceeding Rs 5,000 can be made only once per account until December 30 2016, the RBI and the government clarified on Monday. The new set of limits is to check laundering of unaccounted cash.
If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.
If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.
The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.
What does the new rule say?
As per the RBI guidelines, deposits (using old currency notes of Rs 500 and Rs 1,000s) in excess of ? 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.
What procedure will be followed while making these deposits?
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RBI: “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.”
What if I deposit less than Rs 5,000 multiple times?
If your cumulative deposits cross Rs 5,000 then the same procedure, as explained previously, will be applied by the bank.
Is there any limit to what amount can be deposited?
As per RBI, there is no limit to the amount that can be deposited in bank accounts that are KYC-compliant. So, if your account is KYC-compliant, you can deposit any amount (only once if exceeds Rs 5,000) into your account using old currency notes. However, in case of non-KYC-compliant accounts, a maximum of Rs 50,000 can be deposited in the accounts till 30 December, 2016.
Are there any exceptions?
Yes, as per RBI, these “restrictions shall not apply to tenders of SBNs (old currency notes of Rs 500 & Rs 1,000) for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.”
Can someone else deposit in my account?
Yes, RBI specifies that third party deposits are permitted. This can be done only if specific authorisation is presented at the bank along with valid identity proof. A valid identity proof is required even if one is depositing old Rs 500 and Rs 1,000 notes in their own accounts.