Demonetisation Update: Things you need to know about depositing old notes in banks
- Last date to deposit old notes is Dec 30
- Old notes above value of Rs.5000 can be deposited only once before Dec 30.
- Deposit of old notes above value of Rs.5000 will be subject to audit and taken on record. A satisfactory explanation will be required during such deposit.
- Deposits made in small amounts above value of Rs.5000 via old notes will be subject to scrutiny
- Only KYC compliant bank accounts will be credited with full value of deposits made above Rs.5000. Non complaint accounts will be restricted to credits limiting upto Rs.50,000
- The regulations are exempt for deposits under Taxation and Investment Regime for the Pradhan Mantri Kalyan Yojana, 2016