Deposit only Rs 5000 in one Bank Account (old Rs 500 and Rs 1000 Bank Notes)
As per the Govt Notification No S.O. 4086(E) Dated 17.12.2016 (given below) New Rule for Deposit of Old Rs 500 and Rs 1000 Bank Notes in Bank Accounts are as follow :-
The specified bank notes (Old Rs 500 and Rs 1000 Bank Notes) held by a person other than a banking company or Government Treasury may be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks for a period up to and including the 30th December, 2016, subject to the following conditions, namely:—
There shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be Rs.50,000/-;
Provided that the deposit upto the amount of Rs.5000/- shall be made directly into such account and the rest of the amount, if any, shall be subject to such conditions as the Reserve Bank of India may specify: [Read RBI Conditions ] .
Provided further that the deposit of an amount exceeding Rs.5000 shall be made only once per account until 30th December, 2016;”;
[Note : However on 21.12.2016 RBI has allowed that Person can deposit in multiple times [i.e deposit only once is not applicable) in his bank account Rs 500 and Rs 1000 Old Bank Notes if the Account is fully KYC complied. read RBI Circular]
there shall not be any limit on the quantity or value of the specified bank notes that are tendered for payment and deposit made under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016;”;
Bank will ask Explanation if You Deposit more than Rs 5000 in Bank Account in Old Currency : As per RBI Notification Dated 19.12.2016 the credit of Old Bank Notes of Rs 500 and Rs 1000 in bank accounts 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 to that effect so that no more tenders are allowed.
Govt has inserted new condition for Deposit of Bank Notes Collected by District Coopertaive Central Bank :-
deposit of specified bank notes collected between 10th day of November to 14th day of November, 2016, by the District Co-operative Central Bank shall be subject to instructions of the Reserve Bank of India and for the specified bank notes deposited by individual customers or by the Primary Agricultural Credit Societies complete audit check of the veracity of the Know Your Customer documents of the said individual or the members of the said Primary Agricultural Credit Societies shall be conducted by the National Bank for Agriculture and Rural Development: Provided that the linked currency chest to District Co-operative Central Banks shall give the exchange value for verified specified bank notes only and subject to usual checks relating to identification of fake Indian currency notes.”.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 17th December, 2016
S.O. 4086(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016, namely:—
In the said notification, in paragraph 2,—
(a) in clause (iii), the following provisos shall be inserted, namely:––
“Provided that the deposit upto the amount of Rs.5000/- shall be made directly into such account and the rest of the amount, if any, shall be subject to such conditions as the Reserve Bank of India may specify: Provided further that the deposit of an amount exceeding Rs.5000 shall be made only once per account until 30th December, 2016;”;
(b) after clause (iii), the following clause shall be inserted, namely:––
“(iiia) there shall not be any limit on the quantity or value of the specified bank notes that are tendered for payment and deposit made under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016;”;
(c) after clause (ix), the following clause shall be inserted, namely:––
“(x) deposit of specified bank notes collected between 10th day of November to 14th day of November, 2016, by the District Co-operative Central Bank shall be subject to instructions of the Reserve Bank of India and for the specified bank notes deposited by individual customers or by the Primary Agricultural Credit Societies complete audit check of the veracity of the Know Your Customer documents of the said individual or the members of the said Primary Agricultural Credit Societies shall be conducted by the National Bank for Agriculture and Rural Development:
Provided that the linked currency chest to District Co-operative Central Banks shall give the exchange value for verified specified bank notes only and subject to usual checks relating to identification of fake Indian currency notes.”.
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016, S.O. 3449 (E) dated the 14th November, 2016 and S.O. 3479 (E) dated the 17th November, 2016 , S.O. 3488(E) dated the 18th November, 2016 , S.O. 3543(E) dated the 24th November, 2016 and S.O. 3599(E), dated the 30th November, 2016.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 30th November, 2016
S.O. 3599(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 2,—
(a ) for clause (vi), the following shall be substituted, namely:—
“(vi) cash withdrawal from a bank account over the counter shall be such as may be specified by the Reserve Bank of India from time to time:
Provided that cash withdrawal from a current account shall be such as may be specified by the Reserve Bank of India from time to time:
Provided further that the withdrawal limit provided for current accounts shall also be applicable to the traders registered with the Agricultural Produce Market Committee (APMC) markets and mandis.” ;
(b) for clause (viii), the following clause shall be substituted, namely:—
“(viii) cash withdrawal from an ATM shall be such as may be specified by the Reserve Bank of India from time to time.”.
2. In the said notification, in paragraph 3, in sub-paragraph (5), for the words, letters and figures “paragraph 1 shall ensure that their ATMs and white Label ATMs shall dispense bank notes of denomination of Rs. 100 or Rs. 50, until further instructions from the Reserve Bank” the words, figure and letters “paragraph 1, ATMs and White Label ATMs shall dispense bank notes as may be specified by the Reserve Bank of India from time to time”
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016, S.O. 3449 (E) dated the 14th November, 2016 and S.O. 3479 (E) dated the 17th November, 2016 , S.O. 3488(E) dated the 18th November, 2016 and S.O. 3543(E) dated the 24th November, 2016.
No Exchange of Old Bank Notes w.e.f 25.11.2016
Now the Old Bank notes of Rs 500/ 1000 can not be exchanged in the Bank/ Post Office over the counter w.e.f 25.11.2016 . These Bank Notes can only be deposited in the Bank /Post office as the Govt of India has omitted the following caluse vide notification S.O. 3543(E) (mentioned below) dated 24.11.2016
(i) the specified bank notes of aggregate value of [***2000] [**4500 ] [*Rs.4,000/]- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity;
- *Limit 4000 was set for exchange of Bank notes ( Rs 500/Rs 100) from 09.11.2016 vide Notification NO S.O. 3407(E) dated 08.11.2016
- **Limit for exchange of old Bank note ( Rs 500/Rs 100) was increased to Rs 4500 w.e.f 14.11.2016 vide Notification NO S.O. 3446(E) dated the 13th November, 2016.
- ***Limit for exchange of old Bank note ( Rs 500/Rs 100) was reduced to Rs 2000 w.e.f 18.11.2016 S.O. 3479 (E) dated the 17th November, 2016.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 24th November, 2016
S.O. 3543(E).— In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 1, in sub-paragraph (1), for the words “co-operative bank”, the words “Co-operative Banks (only Urban Co-operative Banks and State Co-operative Banks)” shall be substituted.
2. In the said notification, in paragraph 2, clause (i) shall be omitted with effect from 25th November, 2016 (midnight of 24th November, 2016).
[F. No. 10/03/2016-Cy. I ]
Dr. SAURABH GARG, Jt. Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016, S.O. 3449 (E) dated the 14th November, 2016 and S.O. 3479 (E) dated the 17th November, 2016. and S.O. 3488(E) dated the 18th November, 2016 .
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 18th November, 2016
S.O. 3488(E).— In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 2, after clause (ix), the following clauses shall be inserted, namely:—
“(x) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India;
(xi) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India.”.
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016, S.O. 3449 (E) dated the 14th November, 2016 and S.O. 3479 (E) dated the 17th November, 2016.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 17th November, 2016
S.O. 3479(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in clause (i), with effect from the 18th November, 2016, for the words, letters and figures “value of Rs. 4500/-”, the words, letters and figures “value of Rs. 2000/-” shall be substituted.
2. In the said notification, in paragraph 2, in clause (vi), after the proviso, the following proviso shall be inserted, namely:—
“Provided further that the withdrawal limit provided in the first proviso shall also be applicable to the traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis.”.
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. S.O. 3446(E) dated the 13th November, 2016 and S.O. 3449 (E) dated the 14th November, 2016.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 14th November, 2016
S.O. 3449(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 2,—
(a) in clause (vi), the words, letters and figures “until the end of business hours on 24th November, 2016, after which these limits shall be reviewed” shall be omitted;
(b) after clause (vi), the following proviso shall be inserted, namely:—
“Provided that cash withdrawal from a current account, which is in operation during the last three months or more, shall be restricted to Rs. 50,000/- a week.”;
(c) in clause (viii), the words, letters and figures “and the limit shall be raised to Rs. 4000/- per day per card from 19th November, 2016” shall be omitted.
[F. No. 10/03/2016-Cy. I]
Dr. SAURABH GARG, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016.
NOTIFICATION
New Delhi, the 13th November, 2016
S.O. 3446(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 2,—
(a) in clause (i), for the words, letters and figures “value of Rs. 4000/-”, the words, letters and figures “value of Rs. 4500/-” shall be substituted;
(b) clause (ii) shall be omitted;
(c) in clause (vi), for the words, letters and figures “shall be restricted to Rs.10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of commencement of this notification”, the words, letters and figures “shall be restricted to Rs. 24,000/- a week” shall be substituted;
(d) after clause (viii), the following proviso shall be inserted, namely:—
“Provided that on and from the date of commencement of this notification, withdrawal limit from any ATM including White Label ATM, which has been recalibrated to dispense the denomination of bank notes of the value of Rs. 500/- and Rs. 2000/-, shall be Rs. 2,500/- per day per card upto 18th November, 2016 and any ATM or White Lebel ATM which has not been recalibrated shall continue to dispense Rs.100/- or Rs.50/- until recalibrated.”.
2. In the said notification, in paragraph 3, clause (5) shall be omitted.
[ F. No. 10/03/2016-Cy. I]
Dr. SAURABH GARG, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016.
MINISTRY OF FINANCE
(Department of Economic Affairs)
CORRIGENDUM
New Delhi, the 9th November, 2016
S.O. 3418(E).—In the notification of the Government of India, Ministry of Finance, Department of Economic Affairs, published vide number S.O. 3407(E), dated the 8th November, 2016, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) —
(i) in sub-paragraph (1) of paragraph 1, for “banking company defined under the Banking Regulation Act, 1949 (10 of 1949)”, read “banking company, co-operative bank, corresponding new bank, subsidiary bank, regional rural bank and the State Bank of India as defined under the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as ‘banking company’ or ‘bank’)”;
(ii) in paragraph 2, for “public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Co-operative Banks” read “bank referred to in sub-paragraph (1) of paragraph 1”.
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy.