Depositing More than Rs. 5000 worth old notes will put you in trouble, says RBI

RBI today announced people can make deposits of above Rs. 5000 worth old currency notes only once till December 30. It doesn’t mean that you cannot deposit more than Rs 5000, ex. Rs 20,000 worth old notes to your bank account, but there is a big catch in that.

You can make such deposits only after two banking personnel’s asking you some series of questions related why you have not deposited earlier and if they are satisfied with your answers, you can deposit them. Also, your bank account should be complaint with KYC (customer information), else you cannot make more than Rs. 50000.

Banks should keep a record on depositor’s explanation for future audits, says Reserve Bank of India.

Ever since the government ceased old Rs. 500 and Rs. 1000 notes, RBI has been announcing almost daily restrictions or new rules to bankers which makes inconvenient to general people. Banks will accept the banned notes till December 30 and after that you’ll need to approach select RBI counters across the country for deposits till March 31.

It clearly shows RBI and government have no proper plans on demonetisation, and just pushing new rules on daily basis.

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