Deposits more than Rs 5000 in old currency will be allowed only once per account until 30 December, the RBI announced on Monday. There will be no limits on depositing new notes. The RBI also mentioned that if someone deposits more than Rs 5000 in old notes, then they will only be allowed the deposit after they answer why they couldn’t put the money in the accounts earlier.
Similarly if someone tries to make deposits of lesser than Rs 5000 multiple times. They will not be allowed to do it. If the account where the deposit is being done is not a KYC – Compliant account, then the account holder will not be allowed to deposit the amount.
The RBI said that they are taking these measures to check laundering of unaccounted for cash through bank accounts. They said that more guidelines will be issued towards deposits of more than Rs 5000.Share on Facebook