Old Notes Above 5,000 Can Be Deposited Only Once Now
“Deposits of old notes exceeding Rs 5,000 can be made only once per account until December 30 2016, the RBI and the government clarified on Monday. The new set of limits is to check laundering of unaccounted cash.
The RBI said the depositor has to give an explanation as to why the old notes were not deposited earlier. The amount will be credited in the bank account only after receiving a satisfactory explanation.
Watch the Video below