MENU MENU SIMPLE TAX INDIA SEARCH. PROP ITR OFFRS SITEMAP. As we have informed you earlier that Ministry of Finance has placed Restriction on deposit of Old notes of Rs and Rs in Bank account.

RBI has now again clarified that Para-i and ii is appliacble only on Non KYC compliant accounts only. Means if your account is KYC complaint then you may deposit any amount any number of times in Bank without any question.

To deposit amount exceeding Rs ,Question shall be asked to you in presence of at least two officials of the bank that why you have not deposited the amount earlierYour amount will be deposited only if your explanation is satisfactory to Bank officials.

The explanation shall be taken in writing by Bank officials and kept on record to to facilitate an audit trail at a later stage. If amount deposited in account is less than Rs then total of all the entries of deposit less than taken together on cumulative basis should be made an procedure as above should be adopted if amount in aggregate is exceeding Rs Full value of Old notes exceeding Rs shall be credited after following procedure as above without any limit.

Old notes without any limit can be deposited in to bank for tax deposit under new Pradhan Mantri Garib Kalyan Yojana, 9. Old notes without any limit can be deposited in to bank for deposit under new Pradhan Mantri Garib Kalyan Deposit scheme, Third Party deposit is allowed only if you have rbi forex rates archive authorisation from third party and Proof of Identity with you. Prepare a record of amount already deposited in your account. Prepare a Justification for amount already deposited and amount yet to be deposited in to bank account.

You explanation should have two part: You may take plea of Lang queues in Banks.

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Security of amount deposited. Keep in Mind that this facility is available only once till Read Ministry of Finance notification here. Please refer to Circular DCM Plg No. On a review of the provisions ii, iii and iv does all forex brokers give demo accounts C of Para 3 stock market crash september 2016 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, as indicated below:.

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.

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, 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.

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 of our circular cited above. Chief General Manager RBI has now again clarified that Para-i and ii is appliacble only on Non KYC compliant accounts only.

Read Press release on above subject By Ministry of Finance.

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