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Now, deposits in old notes exceeding Rs 5000 can be made only once

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Now, deposits in old notes exceeding Rs 5000 can be made only once

The Reserve Bank of India (RBI) Monday announced fresh restrictions on bank deposits till December 30. For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account.

The money will be credited to the account only after receiving a satisfactory reply from the customer as to why the amount couldn't be deposited earlier, the RBI said. Also, an equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation by the third party.

The limit for withdrawals has remained unchanged at Rs 24,000 per week.

The Central government and RBI have been accused by Opposition parties of shifting goal posts ever since Prime Minister Narendra Modi announcement on November 8, recalling old high denomination notes.

So far over 50 such directives have been issued, with the latest being banks requiring to monitor CCTV footage for suspicious activity.

The government had also cut short the dates till which Rs 500 notes could be accepted. Earlier, the government allowed the use of Rs 500 notes to pay for utility bills and medical expenses.

The few exemptions granted before have now been curtailed.


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