{"id":93721,"date":"2016-12-20T17:44:23","date_gmt":"2016-12-20T12:14:23","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=93721"},"modified":"2016-12-20T17:47:06","modified_gmt":"2016-12-20T12:17:06","slug":"amounts-in-excess-of-rs-5000-in-old-notes-can-be-deposited-only-once-between-19th-and-30th-december-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/20\/amounts-in-excess-of-rs-5000-in-old-notes-can-be-deposited-only-once-between-19th-and-30th-december-2016\/","title":{"rendered":"Amounts in excess of Rs 5000 in old notes can be deposited only once between 19th and 30th December, 2016"},"content":{"rendered":"

Withdrawal of Legal Tender Character of existing Rs 500\/- and Rs 1000\/- Bank Notes (Specified Bank Notes) – Deposit of Specified Bank Notes (SBNs) into bank accounts<\/strong><\/p>\n

Please refer to Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016<\/a> on the captioned subject. On a review of the provisions ii, iii and iv at C of Para 3 dealing with credit of the value of SBNs into bank accounts it has been decided to place certain restrictions on deposits of SBNs into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016<\/a> as indicated below:<\/p>\n

    \n
  1. Tenders of SBNs in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning 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. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed.<\/li>\n
  2. Tenders of SBNs up to Rs 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than Rs 5000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5000 they may be subject to the procedure to be followed in case of tenders above Rs 5000, with no more tenders being allowed thereafter until December 30, 2016.<\/li>\n
  3. It may also be ensured that full value of tenders of SBNs in excess of Rs 5000 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.<\/li>\n
  4. The 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.<\/li>\n
  5. The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.<\/li>\n
  6. The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5<\/a> of our circular cited above.<\/li>\n<\/ol>\n

    Reserve Bank of India<\/p>\n","protected":false},"excerpt":{"rendered":"

    Withdrawal of Legal Tender Character of existing Rs 500\/- and Rs 1000\/- Bank Notes (Specified Bank Notes) – Deposit of Specified Bank <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-93721","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nAmounts in excess of Rs 5000 in old notes can be deposited only once between 19th and 30th December, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/20\/amounts-in-excess-of-rs-5000-in-old-notes-can-be-deposited-only-once-between-19th-and-30th-december-2016\/\" 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Expanding distribution locations for deposit & withdrawal of cash","author":"Saba","date":"November 17, 2016","format":false,"excerpt":"Please refer to our\u00a0Circular No. DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016\u00a0on the captioned subject. With a view to widen the existing facilities to exchange\/deposit the specified bank notes and withdraw cash from their accounts, banks are advised to put in place the following additional measures so that member public\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":280876,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/03\/demonetization-note-ban-supreme-court-nagarathna-gavai-constitution-bench-reserve-bank-india-fake-currency-balck-money-terror-financing-proportionality-legal-research-updates-news-law-explainer\/","url_meta":{"origin":93721,"position":1},"title":"Demonetisation Verdict: Breakdown of the majority and minority opinions","author":"Prachi Bhardwaj","date":"January 3, 2023","format":false,"excerpt":"While BR Gavai, J has written the majority opinion for himself and SA Nazeer, A.S. 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It is clarified that District Central Cooperative Banks can allow their existing customers to\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85991,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/16\/rbi-updated-faqs-on-withdrawal-of-specified-bank-notes\/","url_meta":{"origin":93721,"position":3},"title":"RBI: Updated FAQs on Withdrawal of Specified Bank Notes","author":"Saba","date":"November 16, 2016","format":false,"excerpt":"FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs 500\/- and Rs 1000\/-\u00a0[Updated as on November 16, 2016] 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84291,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/09\/government-notification-of-demonitisation-of-rs-500-and-rs-1000-notes\/","url_meta":{"origin":93721,"position":4},"title":"Government Notification of demonitisation of Rs 500 and Rs 1000 notes","author":"Saba","date":"November 9, 2016","format":false,"excerpt":"S.O. 3407(E).-\u00a0Whereas, the Central Board of Directors of the Reserve Bank of India (hereinafter referred to as the Board) has recommended that bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees (hereinafter referred to as specified bank notes) shall be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":292675,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/19\/rbi-withdraws-rs-2000-denomination-banknotes-from-circulation\/","url_meta":{"origin":93721,"position":5},"title":"RBI withdraws Rs. 2000 banknotes from circulation","author":"Kriti","date":"May 19, 2023","format":false,"excerpt":"RBI has directed to deposit the Rs. 2000 denomination banknotes in the bank accounts and\/ or exchange them into banknotes of other denominations at any bank branch","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/93721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=93721"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/93721\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=93721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=93721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=93721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}