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RBI Is Restricting Deposits over Rs. 5000
January 05, 2017
RBI is imposing a strict restriction on depositing over Rs. 5000 in the form of old 500 and 1000 notes.
These are some important regulations imposed by RBI:
- One person can only deposit Rs. 5000 per month per account.
- The deposits can only be made in KYC compliant accounts.
- Till December 30, every individual has to give explanation to the bank authority about any deposit in old notes.
- If one individual make multiple small deposits into various accounts and the cumulative amount of all the deposits is greater than Rs. 5000 (in old notes), the individual may have to give explanation to the bank authority until December 30th.
