HOW ANYONE CAN DEPOSIT OLD 500,1000 NOTES EXCEEDING Rs. 5,000: RBI Guideline - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Monday, December 19, 2016

HOW ANYONE CAN DEPOSIT OLD 500,1000 NOTES EXCEEDING Rs. 5,000: RBI Guideline

New RBI notification is given as under.
1.Now Old notes of Rs. 500 and Rs. 1000 notes can be deposited in to Bank up to Maximum Rs. 5.000 without asking any questions by Banker.
2.Deposit of old notes exceeding Rs. 5.000 can be made only once up to December 30, 2016. So if anyone have more than Rs. 5000 old notes of Rs. 500, Rs. 1,000 then anyone must go through instructions issued by Reserve Bank of India (RBI) as under.
3.To deposit amount exceeding Rs. 5.000,Question shall be asked to anyone in presence of at least 2 officials of the bank that why anyone have not deposited the amount earlier ,Your amount will be deposited only if your explanation is satisfactory to Bank officials.
4.The explanation shall be taken in writing by Bank officials and kept on record to to facilitate an audit trail at a later stage .
5. If amount deposited in account is less than Rs. 5000 then total of all the entries of deposit less than taken together on cumulative basis should be made an procedure as above should be adopted if amount in aggregate is exceeding Rs. 5,000. Suppose you have deposited 4,000 today and then go to deposit Rs. 2000 again then you have follow the procedure above and have to give explanation to Bank officials.
6. Full value of Old notes exceeding Rs. 5.000 shall be credited after following procedure as above without any limit.
7.However for Non-KYC accounts maximum amount to be credited must be restricted to Rs. 50,000 even after completion of procedure.
8.Old notes without any limit can be deposited in to bank for tax deposit under new Pradhan Mantri Garib Kalyan Yojana, 2016
9.Old notes without any limit can be deposited in to bank for deposit under new Pradhan Mantri Garib Kalyan Deposit scheme, 2016
10.Third Party deposit is allowed only if you have proper authorisation from third party and Proof of Identity with you.




HOW ANYONE CAN DEPOSIT OLD 500,1000 NOTES EXCEEDING Rs. 5,000: RBI Guideline Reviewed by S. Chitra on December 19, 2016 Rating: 5 New RBI notification is given as under. 1.Now Old notes of Rs. 500 and Rs. 1000 notes can be deposited in to Bank up to Maximum Rs. 5.000...

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