Finance Ministry's Directive Regarding Deposits In Old Notes Exceeding Rs 5000

The Ministry of Finance Monday imposed fresh restrictions on bank deposits till December 30. For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account. The money will be credited to the account only after receiving a satisfactory reply from the customer as to why the amount couldn’t be deposited earlier, the Economic Affairs Department said. Also, an equivalent value of specified bank notes tendered may be credited to a third-party account, provided specific authorisation by the third-party.