Demonetization is the most discussed topic in India at present.It has created sensation in India and the whole world is closely observing the results.
Reserve Bank of India is issuing guidelines from time to time to making changes by closely monitoring the issue.One such new guideline came from RBI five of hours back.
It is known that after the demonetization of 500 & 1000 Rs currency notes, the citizens are depositing those notes in banks.According to the recent decision an account holder can deposit his currency that exceeds Rs.5,000 only once.So if you have more than Rs.5,000 cash consisting of old 500 & 1000 notes, you can deposit in the back only once.But there is no limit on the deposit less than Rs.5,000.
This move is to control the persons who are depositing money (less than 2.5 lakhs)into their accounts by taking commissions from them.One more thing is, the depositor who is depositing more than Rs.5000 have to provide clarification that why didn’t he deposit that amount earlier.On the other hand RBI asked the banks to take KYC form from the customer who is depositing more than Rs.50,000.When it comes to depositing the amounts in third party accounts, one has to show the permission letter from that account holder.
It seems the demonetization troubles will continue for some more time.
