Tag: Bank Depsoit

Amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December, 2016

Amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December, 2016

Economy
New Delhi (PIB News) ---The deposits of old notes of Rs.500 and Rs.1000 denominations have been reviewed by the Government from time to time. Already more than five weeks have elapsed since the time of the announcement of the cancellation of the legal tender character of these notes. It is expected that, by now, most of the people would have deposited such old notes in their possession. Keeping this in view and to reduce the queues in the banks, it has now been decided that amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December, 2016. The banks have been advised to conduct due diligence regarding the reasons for not depositing these notes earlier. Amounts of Rs.5000 or less may continue to be deposited with banks in the customer’s account, as at pre