Indians Not Allowed to Deposit Over Rs. 5000 in Banks

Currency Notes Demonetized in India
Currency Notes Demonetized in India

The Government of India announced today that people will not be allowed to deposit in banks amounts exceeding Rs. 5000 in old notes more than once till 30th December, 2016.

Already more than five weeks have elapsed since the time of the announcement of the cancellation of the legal tender character of these notes under the government’s demonetization scheme.

It is expected that, by now, most of the people would have deposited such old notes in their possession, the government said in a statement released today.

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Keeping this in view and to reduce the queues in the banks, it has now been decided that amounts exceeding Rs. 5000 in old notes can be deposited only once between now and 30th December, 2016, the government said.

The banks have been advised to conduct due diligence regarding the reasons for not depositing these notes earlier. Amounts of Rs. 5000 or less may continue to be deposited with banks in the customer’s account, as at present.

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However, cumulative deposits exceeding Rs. 5000 between 19th and 30th December, 2016 will be as per the procedures advised by the Reserve Bank of India (RBI) in respect of deposits exceeding Rs. 5000 as stated above.

Further, an opportunity has been given to the public to make the payments towards tax, penalty, cess / surcharge and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 with the old bank notes of Rs. 500 and Rs. 1000 denomination upto 30th December, 2016.

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Rakesh Raman