The government has once again refurbished the details on the deposits of old notes. The finance ministry, in a bid to check the laundering of black money and unaccounted cash, has further asked the citizens to deposit old notes in one go.
The people of the country are now allowed to deposit the old notes of Rs 5000 or more only once till December 31. After this date, the people would not be able to deposit.
Deposit old notes in one go
“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.”
-RBI
“restrictions shall not apply to tenders of SBNs (old currency notes of Rs 500 & Rs 1,000) for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.”
The government, at the time of announcing its demonetisation policy had said that the last date for making depositing the old currency will be December 30. However, now it has been altered yet again as it says that any lapse in making deposits will bring in trouble.
“Anyone who has old currency notes is not allowed to trade in them. He can only go and deposit them with banks…If they go and deposit with bank any amount of currency no questions are going to be asked to them and therefore the Rs 5,000 limit does not apply to them if they go and deposit it once…But if they are going to go everyday and deposit some currency, same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now.”
-Arun Jaitley
The customers have been left baffled by finance minister’s recent statement and the RBI notificatio as confusion continues regarding the guidelines.
