Telangana News

In a new move towards depositing old banned notes in the banks, the Centre announced that the deposits of over Rs. 5000 in old Rs. 500 and Rs. 1000 notes can be made in a bank account only once from now, till the deadline, i.e., December 30th.

However, RBI has also said over Rs. 5000 in old notes will be credited into the accounts, only if the bankers are satisfied with the explanation provided by the customers, of why they had not deposited those demonetized notes earlier.

As the deadline of deposits is nearing, the new restrictions on bank deposits are aimed at checking large deposits of black or undeclared money into bank accounts. The new restrictions will allow only limited deposits and will also allow close scrutiny of the money deposited.

The apex bank has said that over Rs. 5000 in old notes will be credited only in bank accounts that are KYC compliant - KYC or Know Your Customer is a process by which banks get information about the identity and addresses of clients.