Restriction on deposits of demonetized Rs. 500 and Rs. 1000 currency notes relaxed
Posted on: 21/Dec/2016 4:43:12 PM
The restrictions in the present situation for depositing the old demonetized currency notes of Rs. 500 a,d Rs. 1000 denominations have been relaxed now.
The Reserve Bank of India had earlier imposed certain restrictions like a maximum of Rs. 5000 only can be deposited. Higher amounts can be deposited only once. Also, the depositor need to explain the reasons for not depositing earlier.
There were strong protests on these restrictions from various political parties. Subsequently, the central Finance Minister Arun Jaitley informed on Tuesday (20th December) that these restrictions are withdrawn.
In this scenario, the central government has announced that for the bank account holders who are registered under the KYC scheme (Know Your Customer), there are no restrictions at all.
However, for the bank savings account holders who have not registered in the KYC scheme, the restriction of depositing the maximum value of Rs. 5000 (of the old demonetized notes of Rs. 500 and Rs. 1000) continues.
