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Deposits in old notes exceeding Rs 5000 can be made only once: Ministry of Finance

The Indian Express logoThe Indian Express 20-12-2016

The Ministry of Finance Monday imposed fresh restrictions on bank deposits till December 30.

For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account. 

The money will be credited to the account only after receiving a satisfactory reply from the customer as to why the amount couldn’t be deposited earlier, the Economic Affairs Department said.

Also, an equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation by the third party.

And deposits collected by District Co-operative Central bank between November 10 and 14 in old notes will be subjected to audit checks to verify the KYC documents provided by individuals or members of Primary Agricultural Credit societies.

The limit for withdrawals has remained unchanged at Rs 24,000 per week.

The Central government and RBI have been accused by Opposition parties of shifting goal posts ever since Prime Minister Narendra Modi announcement on November 8, recalling old high denomination notes. 

So far over 50 such directives have been issued, with banks requiring to monitor CCTV footage for suspicious activity being among the latest.

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The government had also cut short the dates till which Rs 500 notes could be accepted.

Earlier, the government allowed the use of Rs 500 notes to pay for utility bills and medical expenses.

The few exemptions granted before have now been lifted.

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