The Ministry of Finance on Monday announced that old currency note deposits above Rs 5,000 would be restricted to once per account until December 30, ANI reported. This is the latest restriction after the Prime Minister Narendra Modi-led government demonetised Rs 500 and Rs 1,000 notes in a bid to crackdown on black money and corruption.
The Economic Times quoted an unidentified official, who said, “Large deposits cannot be made multiple times in bank accounts. People can deposit up to Rs 5,000 on which there is no restriction.” Deposits of Rs 5,000 and above in new notes are allowed if they are know-your-customer compliant, The Times of India reported. The Reserve Bank of India is expected to announce several demonetisation-related rules on Monday evening.
The Centre’s move to discontinue the high-value notes has faced sharp criticism from economists and Opposition parties. Economic productivity has also been affected by the move, and disruptions by Opposition parties in both Houses of Parliament led to a complete washout of the Winter Session.