Old notes worth over Rs 5000 can only be deposited once per account till Dec 30

People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier.

Old currency notes worth over Rs 5000 can only be deposited once per bank account till December 30, the Reserve Bank of India said today as it made its rule more stringent to check black money.

People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier, the RBI said in a notification.


The government said in such cases, the money will be credited to the accounts only after questioning the depositor as to why their money wasn't deposited earlier and after receiving a satisfactory explanation.

There will, however, be no limit on the quantity or value of specified bank notes tendered for payment and deposit under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana.

Meanwhile, as demonetisation entered its 41st day today, there is no respite in sight for cash-strapped people as queues outside banks and ATMs for withdrawing money continued across the country.


Serpentine queues have been witnessed across the country after the government's November 8 decision to spike higher currency notes to curb "black money and corruption".

Source:India Today