The Reserve Bank on Monday imposed stiff restrictions on depositing
more than Rs 5,000+ in the scrapped Rs 500 and Rs 1,000 notes, mandating
that it can be deposited only once per account till December 30, that
too after explaining to bank officials the reasons for not having done
that so far.
Stipulating that restrictive conditions
will also apply on the cumulative deposit of such notes in a single
account when it exceeds Rs 5,000+ , RBI said that defunct currency up to
any amount can be deposited under the new black money amnesty PMGKY
scheme.
"It has been decided to place certain
restrictions on deposits of SBNs into bank accounts while encouraging
the deposits of the same under the Taxation and Investment Regime for
the Pradhan Mantri Garib Kalyan Yojana+ , 2016," RBI said in a
notification.
Under the PMGKY scheme, black money
holders can deposit unaccounted cash in account which will be subject to
50 per cent tax and 4-year interest free lock-in for the remaining 25
per cent of the amount.
RBI said old 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
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," it said.
The explanation, RBI added,
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.
However,
old notes up to Rs 5,000 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 Rs 5,000 are made in an account and such
tenders taken together on cumulative basis exceed Rs 5,000 they may be
subject to the procedure to be followed in case of tenders above Rs
5,000, with no more tenders being allowed thereafter until December 30,
2016," RBI said.
RBI said that equivalent value of
specified bank notes tendered may be credited to an account maintained
by the tenderer at any bank in accordance with standard banking
procedure and on production of valid proof of identity.
"The
equivalent value of specified bank notes tendered may be credited to a
third party account, provided specific authorisation therefor accorded
by the third party is presented to the bank, following standard banking
procedure and on production of valid proof of identity of the person
actually tendering," RBI said.
Following the
demonetisation of Rs 500/1000 notes on November 8, government had
allowed people to use such notes for certain public utility bill payment
as well as for payment to government hospitals and asked them to depos
it the amount in bank accounts.
The central bank said
that now-defunct notes 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.
The equivalent value of
specified bank notes tendered may be credited to an account maintained
by the tenderer at any bank in accordance with standard banking
procedure and on production of valid proof of Identity, RBI said.
"The
equivalent value of specified bank notes tendered may be credited to a
third party account, provided specific authorisation therefore accorded
by the third party is presented to the bank, following standard banking
procedure and on production of valid proof of identity of the person
actually tendering," it added.
The above restrictions
shall not apply to tenders of SBNs for the purpose of deposits under the
Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan
Yojana, 2016.
Meanwhile, in a notification Finance
Ministry said: "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".
It further said that
deposit of such notes collected between November 10-14, by the District
Co-operative Central Bank shall be subject to RBI instructions.
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