If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn’t put the money into their account earlier.
The questioning of depositor will be made on record and an audit trail will be created for a ‘later stage’. A satisfactory explanation on the deposit made would be ‘needed’.
What does the new rule say?
As per the RBI guidelines, deposits (using old currency notes of Rs 500 and Rs 1,000s) in excess of ? 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.
What procedure will be followed while making these deposits?