Old notes worth more than Rs 5000 can be deposited only once per account until Dec 30
AMN
In its latest directive, the Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes.
The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far.
RBI said that defunct currency up to any amount can be deposited under the new black money amnesty Pradhan Mantri Garib Kalyan Yojana scheme, PMGKY.
Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount.
The central bank said that now-defunct notes in excess of 5,000 rupees shall be credited to only KYC (Know Your Customer) compliant accounts.