In yet another new notification, the central government has now announced that deposits of old Rs 500 and Rs 1,000 notes worth more than Rs 5,000 into bank accounts can be made only once till 30 December.
A report by The Economic Times, said that the Modi government had announced fresh restrictions on deposits to check ‘laundering of unaccounted cash’ using bank accounts.
“Large deposits cannot be made multiple times in bank accounts. People can deposit up to Rs 5,000 on which there is no restriction,” a senior finance ministry official told ET.
It’s, however, not clear whether the restriction will apply retrospectively and bar anyone, who has already made some deposits of more than Rs 5000 into their accounts since 8 November.
The Reserve Bank of India is likely to issue fresh circular later on Monday announcing measures to check deposits over Rs 5,000.
More to follow
Courtesy: Janta Ka Reporter