Relaxation For Deposits of old Rs. 500 and Rs. 1000 Currency Note

Restriction on deposits of demonetized Rs. 500 and Rs. 1000 currency notes relaxed

In this crucial situation for depositing the old currency notes of Rs. 500 and Rs. 1000 denominations have been relaxed. The Reserve Bank of India had earlier imposed certain restrictions like a maximum of Rs. 5000 only can be deposited. Higher amounts can be deposited only once. Also, the depositor need to explain the reasons for not depositing earlier.

In this scenario, the central government has announced that for the bank account holders who are registered under the KYC scheme (Know Your Customer), there are no restrictions at all.

However, for the bank savings account holders who have not registered in the KYC scheme, the restriction of depositing the maximum value of Rs. 5000 continues.