Amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December 2016

The deposits of old notes of Rs.500 and Rs.1000 denominations have been reviewed by the Government from time to time. Already more than five weeks have elapsed since the time of the announcement of the cancellation of the legal tender character of these notes. It is expected that, by now, most of the people would have deposited such old notes in their possession. Keeping this in view and to reduce the queues in the banks, it has now been decided that amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December 2016. The banks have been advised to conduct due diligence regarding the reasons for not depositing these notes earlier. Amounts of Rs.5000 or less may continue to be deposited with banks in the customer’s account, as at present. However, cumulative deposits exceeding Rs.5000 between 19th and 30th December 2016 will be as per the procedures advised by RBI in respect of deposits exceeding Rs.5000 as stated above.

Further, an opportunity has been given to the public to make the payments towards tax, penalty, cess/surcharge and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 with the old bank notes of Rs.500 and Rs.1000 denomination up to 30th December 2016.

A number of representations had been received from District Cooperative Central Banks (DCCBs) to allow them to deposit with their linked currency chests the old Rs.500 and Rs.1000 notes that had been collected by them between the 10th of November and 14th of November, 2016. An enabling notification to this effect has been issued. NABARD which supervises the DCCBs will conduct complete audit check of the Know Your Customer (KYC) documents of the individual customers who have deposited these notes or of the members of the Primary Agricultural Credit Society (PACS) who have deposited these notes. The details in this regard will be notified by RBI.

Press Information Bureau, Government of India, Ministry of Finance, 19-December-2016

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3 responses to “Amount exceeding Rs. 5000 in old notes can be deposited only once”

  1. CHANDRESH JAIN says:

    If you have any whatsapp group or telegram group for discussion than add my number in your list.

  2. Ravi Chandiran S says:

    We may have a feel that Govt. treating the poor people foolish because of their day by day foolish irresponsible circulars. These type of announcement feels that totally the RBI system has failed and RBI Governor is not suitable for his position and he has to immediately resigned accepting his failure in implementing this system or his inability to express his views to the Govt. I have given you an example now all the older people/persons who are working in various places feels that they will wait and deposit the cash at the end of Dec. feeling the queue will reduce which gives shock for them by this stupid announcement since Govt.only earlier announce that they may deposit upto Dec.’16 without any limit. These are all our FATE because of INDIAN CITIZEN. Because of total failure in the system, we are receiving this type of day by day circulars.

  3. ADV.RAJIV JAVERI says:

    if really govt wants to go cash less.Only one solution can work wonder i.e. all basic expenses and purchases of movables from vegitables to car and interior of home i.e.furniture fixture should be allowed as deduction form net taxable income.Detail paper work can be done.NO govt. tries reason for human tenendency of going cash.10 20 30%tax then out of reminder what ever purchase tax excise,mctax and tax and tax For surviving he wants to spend but taxes hamper.this will improve spending and indirect tax will heaevly collected.Subject should never have fear ,but govt.make impractical law sitting in ac. chamber.they increase self salary, tax free and prix to mps mla ,home loan at nominal interest , write from servants cook furniture fixture free and even if not MP MLA free facilities continues, we are not against this but what about public and long list similearly if all expenses are allowed as deduction this way real income people will show without fear ,and remaining income should tax very reasonable.Why govt want tax on tax,u cannot compare western country there economic is totally different…Thanks Adv.Rajiv Javeri Amravati

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