If they go and deposit once, no questions are going to be asked to them, ‘clarifies’ FM.
With 10 days more to go for the deadline to deposit the demonetised Rs. 500 and Rs. 1,000 notes, the Reserve Bank of India has issued yet another notification stating that the deposit in demonetised currency in excess of ₹ 5,000 into a bank account will be received for credit only once during the remaining period till Dec. 30, 2016.
The notification also added that the credit in such cases shall be afforded only after questioning the 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.
However, Finance Minister Arun Jaitley, in a statement to media, said: “Rs 5000 limit does not apply to them, if they go and deposit once. But if same person is going to deposit every day, that gives rise to suspicion….If they go and deposit with the bank any amount of currency, no questions are going to be asked to them.”
Following directives were issued to banks:
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.
Read the notification here.
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