Demonetization New Rule: You Can Deposit Old Currency Worth More than Rs 5000 Only Once till Dec 30
Yesterday, 19th December, 2016, RBI announced demonetization new rule and said that, you can deposits of above Rs 5,000 in banned banknotes can be made only once till 30th December, 2016.
As per finance ministry notification, deposits of the demonetized notes above Rs 5,000 can be made only once until 30 December, the last date for banks to take deposits of old notes.
However, there are no restrictions on depositing cash under the Pradhan Mantri Garib Kalyan Yojana, a black money declaration scheme under amended taxation laws.
According to Reserve Bank of India notification, Tenders of SBNs (specified bank notes) in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till 30th December, 2016.
Yesterday evening, finance ministry Arun Jaitley said no questions would be asked junked currency was deposited in one go but repeat deposits might raise queries.
He added that, “If they are going to go every day and deposit some currency, same person that gives rise to suspicion. In that event, a person may have something to worry about. Therefore everyone is advised whatever old currency you have, please go and deposit it now.”
Also Union law minister Ravi Shankar Prasad said that the government would come up with a structured response on the new norms. He also added that, “They have issued something; the government will come with structured response on that.”