Deposits of old notes exceeding Rs 500 can be made only once as said by the finance ministry

New Delhi: The ministry of finance of government of India and the Reserve Bank of India on Monday ha
By: Admin | Update: 2016-12-20 14:56:17

Deposits of old notes exceeding Rs 500 can be made only once as said by the finance ministry

New Delhi: The ministry of finance of government of India and the Reserve Bank of India on Monday has announced that deposits of Rs 5000 in the only currency notes of Rs 500 and Rs 1000 can be made only once till the end of December 30.

In the 59th communication issued by the RBI- Finance Ministry combined since the currency withdrawal decision was announced on November 8. This particular restriction have been made despite an assurance by the government that people can actually deposit old notes into their bank accounts anytime till December 30 without any limit.

The tender of Specified Bank notes of Rs 500 and Rs 1000 In excess of Rs 5000 into a particular bank account will be received for the credit purpose till 30th December.

In such cases the credit shall get afforded only after questioning the tender on a record.  Along with this the finance ministry stated that the restrictions will not be applied to those making deposits using the withdrawn currency notes under the scheme of Pradhan Mantri Kalyan Yojna. 

In a particular statement the RBI asserted that the explanation to be offered by the customers to bank officials on deposits of Rs 5000 should be kept on record in order to facilitate an audit trail at a later stage.

From November 8, the government has repeatedly advised the people not to create panic in such a situation.  One can freely deposit their transaction upto 2.5 lakhs without any invading security amount.

On November 11, the finance minister Arun Jaitley had urged the common people of the country not to rush in the initial days to deposit old notes.  According to the finance ministry people will get a lot of time to deposit their cash till december30th.  The entire banking and post office system is associated with this particular process.  Now, the ministry is again shifting its plan towards an unstructured plan with the setting of this new rule.

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