New Delhi: Deposit of banned Rs 500 and Rs 1,000 notes for amount exceeding Rs 5000 shall be made only once per account until December 30, the Reserve Bank of India said on Monday.
Meanwhile there will be no limit on quantity or value of specified bank notes tendered for payment and deposit under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
Credit in such cases will be afforded only after ques tenderer as to why this couldn't b deposited earlier and receiving a satisfactory explanation.
The RBI in its circular said, deposit of Specified Bank Notes (SBNs) in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.
It may also be ensured that full value of tenders of SBNs in excess of Rs 5000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to ₹ 50,000 subject to the conditions governing the conduct of such accounts.
The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.
RBI further said that the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering.
Prime Minister Narendra Modi, in a televised address to the nation on November 8, had announced that Rs 500 and Rs 1000 notes will no longer be legal tender from November 9.
He had said the government has declared a "decisive war" against black money and corruption.