Deposit over Rs.5000 in demonetisation notes allowed only once till Dec 30: RBI

Deposits of above Rs 5000 in scrapped banknotes can be made only once till the deadline of December 30, the Reserve Bank of India (RBI) said on Monday, the latest in a series of banking restriction placed after the government recalled high-value bills.

Further, such deposits will be accepted only after two bank officials have questioned the depositor and satisfied themselves with her explanation.“The explanation should be kept on record to facilitate an audit trail at a later stage,” the RBI notification



said.

It said even for deposits below Rs 5000, made in one go or cumulatively, the same procedure might be followed. Deposits of amounts exceeding Rs 5000 can be credited only to KYC-compliant accounts, and if these are not compliant, credits might be restricted up to Rs 50,000.

The RBI notification said the new banking restrictions were placed to encourage people to make deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.