Cash Deposit in Bank account
RBI Refused to follow Instructions of Indian Govt
Indian Govt has directed that Deposit of Rs 500 and Rs 1000 Old bank Notes can be only once into the Account of persons (refer Notification below ) but RBI has waived this condition in case of fully KYC accounts(refer RBI circular below) . This means that person can deposit Old Rs 500 and Rs 1000 Bank Notes in multiple time in Bank account if accounts if Fully KYC compliant.
“Provided further that the deposit of an amount exceeding Rs.5000 shall be made only once per account until 30th December, 2016;”;
As per the RBI Notification
- Tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. 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 to that effect so that no more tenders are allowed.
- Tenders of SBNs up to ₹ 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than ₹ 5000 are made in an account and such tenders taken together on cumulative basis exceed ₹ 5000 they may be subject to the procedure to be followed in case of tenders above ₹ 5000, with no more tenders being allowed thereafter until December 30, 2016.
Provisions of the above circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts.