New Delhi: There has been a huge uproar among people of the nation regarding the conundrum of guidelines given out by Reserve Bank of India (RBI) in the past week.
Since the demonetisation move, RBI has come up with several norms about the deposit and withdrawal of cash, and especially the limit of cash deposition to avoid scrutiny.
But fret not; this is what you can do with your Rs 500 and Rs 1000 banned notes:
New RBI guidelines
- One can certainly deposit an amount exceeding Rs 5000 in old notes but one has to give a strong reason for doing so.
- In order to make such a deposit, the account holder will have to explain the reason for failing to deposit the scrapped money since 8th November.
- The hearing will be done in the presence of two bank officials.
- The explanation will be recorded for future audit.
- Initially a deposit of only Rs 5000 with old notes was allowed once per account till 30th December, which meant the mentioned amount was the maximum limit an account holder could deposit in his account in the form of Rs 500 and Rs 1000 notes till the deadline date issued by RBI.
- Any amount of undeclared/black money can be deposited within the Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme.
- Under PMGKY, 50% tax will be imposed on the deposited amount and a further 25% will be blocked but will be given back after a span of 4 years with no interest.
Defunct facilities for the use of old notes
- Paying bills at government institutions
- Ticket for flights and railways
- Purchase of fuel from petrol pumps