An amount exceeding Rs 5000 can be deposited in a bank account only once till the December 30 deadline.
In what is the latest new rule in the post-demonetized economy, the Finance Ministry, on Monday, laid down restrictions on the amount of de-legalised currency that can be deposited in bank accounts till the December 30 deadline.
According to the Finance Ministry, now an amount exceeding Rs 5,000 (in value terms) can be deposited in the bank accounts only once till the December 30 deadline runs out.
So far, there were no restrictions on the amount that could be deposited in the bank accounts while the government had put in place caps on the exchange and withdrawals. People were allowed to deposit the old Rs 500 and Rs 1000 notes till the deadline. However, this has changed now.
In a statement on the Reserve Bank of India's (RBI) website, it said, "it has been decided to place certain restrictions on deposits of Specified Bank Notes into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016."
That's not all. If you're going to deposit an amount exceeding Rs 5000 into your bank account would be approved only after "questioning the tenderer, on record, in the presence of atleast 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. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed," the RBI said.
However, tenders up to the value of Rs 5000 can be deposited over the counter till the deadline but "even when tenders smaller than Rs 5000 are made into an account and such tenders taken together on cumulative basis exceed Rs 5,000 may be subject to the procedure to be followed in the case of tenders above Rs 5000, with no more tenders being allowed thereafter until December 30, 2016," the central bank said.
Further, an amount exceeding Rs 5000 can only be deposited in KYC compliant accounts.
These caps, however, are not applicable if the deposits are being made under Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
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