The Reserve Bank of India on Monday announced that it would allow
cumulative deposits of up to Rs 5,000 worth of the demonetised Rs. 1,000
and old Rs. 500 in bank accounts up to December 30.
Deposits of
more than that, as a single deposit or cumulatively, will be allowed
only once, but they will have to be accompanied by an on-record
“satisfactory explanation” as to why they weren’t deposited earlier, in
the presence of at least two bank officials.
These restrictions,
however, do not apply to deposits made under the government’s new income
declaration scheme, the Pradhan Mantri Garib Kalyan Yojana 2016.
“Tenders
of SBNs [specified bank notes] in excess of Rs. 5,000 into a bank
account will be received for credit only once during the remaining
period till December 30, 2016,” the RBI said in a notification.
“The
credit in such cases shall be afforded only after questioning tenderer,
on record, in the presence of at least two officials of the bank, as to
why this could not be deposited earlier and receiving a satisfactory
explanation. The explanation should be kept on record to facilitate an
audit trail at a later stage. An appropriate flag also should be raised
in CBS [core banking solution] to that effect so that no more tenders
are allowed.” it said.
“It may also be ensured that full value of
tenders of SBNs in excess of Rs 5,000 shall be credited to only KYC
compliant accounts and if the accounts are not KYC compliant credits may
be restricted up to Rs 50,000 subject to the conditions governing the
conduct of such accounts,” it added.
Deposits
of the specified limits can be made in third-party accounts if the
account-holder provides suitable authorisation to the bank and the
person depositing the amount shows approved identification.
Source : http://www.thehindu.com
No comments:
Post a Comment