Warhel :: Multiple account deposits in old notes: RBI

Multiple account deposits in old notes: RBI

Updated on: 23-Dec-2016
Reserve Bank of India on Thursday clarified that account-holders can make multiple cash deposits of withdrawn currencies into a single account until December 30. RBI had on Wednesday reversed an earlier directive requiring banks to question customers who deposit scrapped notes worth more than Rs 5,000.

Banks question depositors, there was some confusion on whether multiple deposits would be allowed. RBI updated its `frequently asked questions' on demonetization where it clarified that deposits can be made more than once Multiple account deposits in old notes: RBI

RBI says,"Specified Bank Notes (scrapped notes) can be de posited in cash deposits machinescash recyclers or at bank branches more than once till December 30, 2016. At bank branches, customers should use separate pay-inslips for depositing SBNs and other legal tender."

According to the circular, deposits of scrapped notes above Rs 5,000 could be accepted only if the customer gave a 'satisfactory explanation' on why he or she could not deposit funds earlier. The explanation was to be recorded in the presence of two bank officials. Many banks had simply stopped accepting deposits above Rs 5000 while others rejected deposit statements on the grounds that the explanation was not satisfactory.

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