RBI has changed the Instruction again and has clarified that Limit of Rs 5000 with explanation/ and deposit only once till 30.12.2016 is applicable only on Non-kyc compliant account only.
So Now you can deposit any amount without any question exceeding Rs 5000 if your accounts are kyc compliant.Further you can also deposit any number of times till 30.12.2016.
We have already interpreted the Ministry of Finance notification that it is applicable only on Non -kyc compliant accounts only .But after notification from RBI ,we have to changed our view.
Now RBI has clarified that Para (i) and (ii) of original circular is only for Non-kyc compliant account and not applicable on KYC compliant Accounts.However all other instruction given in original circular shall applicable on All type of Accounts.
Para (i) and (ii) of original Notification reproduced as under
- 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.
- 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 Rs5000 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.
Above two para are applicable only on Non KYC compliant accounts only.So if your accounts is KYC complaint which generally we have, then you can deposit any amount any number of Times in your Bank without any explanation till 30.12.2016.
DCM (Plg) No. 1911/10.27.00/2016-17
December 21, 2016
The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts- Modification
Please refer to our circular DCM (Plg) No. 1859/10.27.00/2016-17 dated December 19, 2016. On a review of the above, we advise that the provisions of the above circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts.
2. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager