Demonetization: RBI Rolls Back its Rs.5000 Deposit Order
Today, 21st December, 2016, RBI (Reserve Bank of India) rolls back its order on deposit limit of Rs 5,000. And RBI said that KYC account holders will not be asked questioned on deposit over Rs.5000.
RBI said that, Fully KYC compliant account holders can deposit over Rs 5,000 without any questions asked. On Monday, 19th December, 2016, RBI had announced that deposits of old Rs 500 and Rs 1,000 notes exceeding Rs 5,000 shall be made only once per account until 30th December, 2016.
The restriction which was imposed on Monday, 19th December, 2016 faced a lot of criticism. However, the constant amendments are even more ludicrous.
The credit in such cases shall be afforded only after questioning the tendered on record in the presence of at least two officials of the bank as to why this could not be deposited earlier and receiving a satisfactory explanation.
Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme, black money holders can deposit unaccounted cash in account.
It which will be subject to 50% tax and 4-year interest free lock-in for the remaining 25% of the amount.