RBI: More than Rs 5,000 deposit in old notes only once before December 30

Stipulating that restrictive conditions will also apply on the cumulative deposit of such notes in a single account when it exceeds Rs 5,000, RBI said that defunct currency up to any amount can be deposited under the new black money amnesty Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme. 

“It has been decided to place certain restrictions on deposits of demonetised currency notes into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the PMGKY, 2016,” RBI said in a notification. 

Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount.

RBI said old notes in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. “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,” it said. The explanation, RBI added, should be kept on record to facilitate an audit trail at a later stage. 

An appropriate flag also should be raised in CBS (Core Banking Solution) to that effect so that no more tenders are allowed. However, old notes up to Rs 5,000 received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016.