Deposit over Rs 5,000 in old notes allowed only once till December 30: RBI

The explanation for the delay in depositing should be kept in record for a possible audit trial in a later stage, says RBI

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New Delhi,
Updated Dec 19, 2016 1:59 PM IST

Deposit over Rs 5,000 in old notes allowed only once till December 30: RBI

The Reserve Bank of India has announced that defunct currency notes of Rs 500 and Rs 1,000 exceeding Rs 5,000 can only be deposited once per account until December 31, 2016 only after showing reasons for not doing so earlier.

According to RBI, the explanation for the delay in depositing should be kept in record for a possible audit trial at a later stage.

Additionally, people who deposit smaller amounts which, once when added up, exceeds Rs 5,000 will be asked for a record explanation too.

Deposits in excess of Rs 5,000 will only be credited to KYC compliant accounts. In the case of non-KYC compliant accounts, credits may be restricted up to Rs 50,000 subject to the conditions governing the conduct of such accounts.

However, these restrictions are not applicable to on deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

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Published on: Dec 19, 2016 1:54 PM IST

Deposit over Rs 5,000 in old notes allowed only once till December 30: RBI

The explanation for the delay in depositing should be kept in record for a possible audit trial in a later stage, says RBI

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