India

Deposit exceeding Rs 5000 only once per account until December 30th 2016

Delhi, 19 Dec: In a major decision taken by the Ministry of Finance, Deposit of an amount exceeding Rs 5000 only be deposited once per account until December 30, 2016 only after showing reasons for not doing so earlier.

Later Finance Minister Arun Jaitley has clarified that no questions will be asked if any amount of old currency is deposited in one go, but repeated deposits may provoke queries.

“If they go and deposit with bank any amount of currency no questions are going to be asked to them and therefore the 5000 rupee limit does not apply to them if they go and deposit it once,” Jaitley told reporters here on Monday night, after the Reserve Bank of India announced earlier in the day that deposits of old Rs 500 and Rs 1,000 notes in excess of Rs 5,000 will now be allowed only once till December 30 — that too after strict scrutiny.

“But if they are going to go everyday and deposit some currency, same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now,” he said.

People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier, the RBI said in a notification here.

However, no limit on quantity or value of specified bank notes tendered for payment & deposit under Taxation & Investment Regime for PMGKY 2016.

Old note of Rs 500 and Rs 1000 in excess of 5000 into bank a/c will be received for credit only once during remaining period till Dec 30,’16.

It may also be ensured that full value of tenders of SBNs in excess of ₹ 5000 shall be credited to only KYC compliant accounts, RBI said.

If accounts are not KYC compliant credits may be restricted up to Rs 50,000 subject to conditions governing the conduct of such accounts, said RBI.

Wefornews Bureau

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