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Home » India » Deposits of old notes over ₹5,000 can be made only once till Dec 30: Report

Deposits of old notes over ₹5,000 can be made only once till Dec 30: Report

By Newsd
Updated on :

Ever since the demonetization move was announced by the government on November 8, the government is keep announcing new rules and restriction almost every day.

And now, as just couples of weeks are left for the deadline to deposit the old notes, the government has announced fresh restrictions on deposits to check laundering of unaccounted cash using bank accounts.

According to the fresh restriction, deposits of old ₹500 and ₹1,000 notes worth over ₹5,000 into the bank accounts can be made only once till December 30 – the deadline to deposit scrapped notes.

“Large deposits cannot be made multiple times in bank accounts. People can deposit up to ₹5,000 on which there is no restriction,” a senior finance ministry official told ET.

However, there will be no restriction on the amount deposited towards the new black money disclosure scheme – the Pradhan Mantri Garib Kalyan Yojana.

The RBI will also issue new guidelines prescribing enhanced checks for deposits more than ₹5000 later this evening. Fresh norms may deal better with counterfeit currencies.

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