New Finance Ministry RBI rules this am
New rules have come in this am. I am attaching the official notification and below is the best explanation I got on net.
1) Old bank notes in excess of Rs 5,000 into a bank account can be deposited only once till December 30.
2) Deposits of over Rs 5,000 will be afforded only questioning By 2 bank officials. The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.
3) Even when notes smaller than Rs 5000 are made in an account and such notes taken together on cumulative basis exceed Rs 5,000 they may be subject to scrutiny.
4) No more notes can be deposited after December 30.
5) Full value of 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.
6) The curbs are not applicable to notes for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. more
1) Old bank notes in excess of Rs 5,000 into a bank account can be deposited only once till December 30.
2) Deposits of over Rs 5,000 will be afforded only questioning By 2 bank officials. The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.
3) Even when notes smaller than Rs 5000 are made in an account and such notes taken together on cumulative basis exceed Rs 5,000 they may be subject to scrutiny.
4) No more notes can be deposited after December 30.
5) Full value of 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.
6) The curbs are not applicable to notes for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. more
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Sometimes one should also try to see "method in madness"! Just groping on the surface does not necessarily leadsto detection..... more
Dec 28
I agree that the government has lost it path. Bringing in more and more restrictions within 50 days is not correct. Once a direction is given the public at large plans its work accordingly. Its not correct to change in between the rules of the game. more
Dec 21
Whilst it is good & correct, simultaneously money is also made available at Banks with denominations, especially in Chennai, where Tower connectivity & net connections still very partial, there by even persons like me find it difficult of card uasge . Bankers give Rs2000, for which shop wala says we should buy for Rs1500/ else no change. Whilst everything went on very well this cyclone caused the inconvenience. RBI should ensure denomination suppy to chennai circle on SOS basis. more
Dec 21
I don't understand why our Central Govt fumes like this. They would have asked people to deposit all their old notes of Rs 500/- and Rs 1000/- directly into their accounts without any limit and restrict the withdrawals as of now. The limited exchange system messed up the whole system, It seems to be unnecessary. Exchange system would have provided at the airports and Railways station for the benefit of passegers only that again for a limited period say 1 week. People have to work hard for their survival and support their families and should earn more to pay taxes. They cannot always look at the Govt what rules they are bringing in and at what point of time. I think our Govt lost their path.Thanks more
Dec 20
