New Delhi: Government today decided to allow deposit of amounts exceeding Rs 5,000 in old notes only once between now and December 30, 2016. After reviewing the deposits of old notes of Rs 500 and Rs 1000 denominations, the Government said amounts of Rs 5000 or less may continue to be deposited with banks in the customer’s account, as at present. However, cumulative deposits exceeding Rs 5000 between December 19-30, 2016 will be as per the procedures advised by RBI in respect of deposits.
Government advised banks to conduct due diligence regarding the reasons for not depositing these notes earlier. 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. According to a statement by the Finance Ministry, 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 December 30, 2016.
Further, an opportunity has been given to the public to make the payments towards tax, penalty, cess/ surcharge and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 with the old bank notes of Rs 500 and Rs 1000 denomination up to December 30, 2016. The statement added that a number of representations had been received from District Cooperative Central Banks (DCCBs) to allow them to deposit with their linked currency chests the old Rs 500 and Rs 1000 notes that had been collected by them between November 10 and November 14, 2016.
An enabling notification to this effect has been issued. NABARD which supervises the DCCBs will conduct a complete audit check of the Know Your Customer (KYC) documents of the individual customers who have deposited these notes or of the members of the Primary Agricultural Credit Society (PACS) who have deposited these notes. The details in this regard will be notified by RBI. (UNI)
