RBI imposes restrictions on old note deposits

The explanation, RBI added, should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS (Core Banking Solution) to that effect so that no more tenders are allowed.

However, old notes up to Rs 5,000 received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016.

“Even when tenders smaller than Rs 5,000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5,000 they may be subject to the procedure to be followed in case of tenders above Rs 5,000, with no more tenders being allowed thereafter until December 30, 2016,” RBI said.

From Agencies, Feature image courtesy blockchain