The Finance Ministry and RBI said deposits of old currency notes of Rs. 500 and Rs 1,000 notes worth more than Rs. 5,000 into bank accounts can be made only once till December 30. The government announced new notifications in which limit of depositing cash is made to checkout the launder unaccounted cash through bank accounts. You can’t deposit old notes worth more than Rs. 5000 now.
According to the new set of rules notified by finance ministry on December 17, there will be no restriction on amount deposited towards the new black money disclosure scheme, the “Pradhan Mantri Garib Kalyan Yojana”.
The RBI will also issue fresh guidelines later this evening prescribing enhanced checks for Deposit Old Notes over Rs 5000.
May the new norms may deal with increased checks for fake currency. Right? Tell your opinions and don’t you think the information in the article is worth sharing. If yes, share it with friends, family and others who didn’t deposit their old currency notes of Rs. 500 and Rs. 1000 till now.