The Reserve Bank of India has stated that if anyone wants to deposit more than ₹5,000 in bank (old notes), they will have to provide ‘Satisfactory clarification’ with the relevant documents.

 

Use of old ₹500 and ₹1,000 notes was banned from November 8. Still, some of the facilities including petrol bunks, government offices were allowed to accept the old ₹500 notes till December 15.

 

Also Read: Last day: These were 16 places accepting old ₹500 notes

 

Earlier, the Modi government had said that people can deposit their old ₹500 and ₹1000 notes till December 30. Only those depositing more than ₹2.5 lakh were supposed to come under the Income Tax scanner. But recently, the rule was changed again and even those who have deposited ₹2 lakh are said to be in trouble as the banks have sent their (account details) information to the RBI and the IT department.

 

Also Read: IT raids: ₹2 lakh in your bank account, you need to worry!

 

Now, the new rule that one should fill the Know Your Customer (KYC) to credit more than ₹5,000 in old notes.

 

In another chance, the Centre has said that people can still disclose their undisclosed amount by depositing it in the Pradhan Mantri Gareeb Kalyan Yojanan by paying the tax and penalty.

 

Also Read: This is your last chance to convert black money into white through Pradhan mantri Gareed Kalyan Yojana!


So, if you have ₹500 and ₹1,000 old notes, go to the bank with a document if the total amount you want to deposit exceeds ₹5000.