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Multiple deposits allowed in banks till December 30: RBI

A day after the Reserve Bank of India (RBI) withdrew the notification that barred people from depositing old notes in bank accounts more than once, the Central bank on December 22 clarified that people were free to make more than one deposit till December 30.

migrator

Mumbai

The old Rs 500 and Rs 1,000 notes can be deposited at bank branches or in cash deposit machines more than once till December 30, RBI said in the updated Frequently asked questions. The customers should use separate pay-in-slips for making deposits in the mixed bunch of demonetised and legal tender notes, it said. 

Anybody depositing more than Rs 50,000 in cash in their bank account needs to submit a copy of the PAN card in case the bank account is not seeded with the information. 

Finance Minister Arun Jaitley had clarified the same evening on December 19 that one-time deposit would not attract any scrutiny by bankers. However, on Tuesday, he had insisted that only a one-time deposit would be allowed till December 30. On Wednesday, the RBI withdrew its norms on KYC deposits, but left it unclear whether multiple deposits would be allowed.

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