Can Deposit Old Notes Worth 5,000-Plus Only Once Till December 30: Government

[Kool_SRG]

 

HIGHLIGHTS

1. Old cash of Rs. 5000, more can be deposited once per account until Dec 30
2. No restriction on amount deposited towards black money disclosure scheme
3. The new order on notes ban was issued by Finance Ministry on Dec 17

 

New Delhi: The government has in new restrictions said that deposits of more than 5,000 rupees in old 500 and 1,000-rupee notes can be made in a bank account only once from now till December 30, the deadline for depositing old notes. The Reserve Bank of India or RBI has also said more than Rs. 5,000 in old notes will be credited into accounts only after customers have given a "satisfactory explanation" to two officials on why they had not deposited old notes earlier.  Prime Minister Narendra Modi had on November 8 suddenly abolished Rs. 500 and 1,000-rupee notes to combat corruption and black money.

The government had said at that time that people could deposit the old notes they were holding till December 30, while also allowing in phases the use of the banned notes at petrol pumps and some government utilities. All such use of old notes ended on December 15.
 

 

The new restrictions on bank deposits are aimed at checking large deposits of black or undeclared money into bank accounts as the deadline for deposits nears. With only 11 days to go, the new restrictions will allow only limited deposits and will also allow close scrutiny of the money deposited.

The RBI has said that more than Rs. 5,000 in old notes will be credited only in bank accounts that are KYC compliant - KYC or Know Your Customer is a process by which banks get information about the identity and addresses of clients.

The government has earlier said that any single deposit in old notes of over Rs. 2.5 lakh in an account will attract income tax scrutiny. Since demonetisation was announced on November 8, a number of fake accounts with large deposits in banks have been unearthed by investigators.

It has given people holding black money one chance to come clean by declaring their old notes and paying 50 per cent in tax and penalty under what the government calls the Pradhan Mantri Garib Kalyan Yojana 2016.

The ban on 500 and 1,000-rupee notes had taken out 86 per cent of the money in circulation or 15.44 lakh crores. Almost 13 lakh crores in old notes has returned into the system.

[Kool_SRG]

Unwarranted move complicates it more....

[lazybugger]

59 minutes ago, Kool_SRG said:

Unwarranted move complicates it more....

your comment is so middle of the path. That's not how to describe this.

This is another egg headed move, by the chamchas (RBI/Niti) of the clown in command (Modi).

At this point, these idiots don't have a clue what they are doing. That people still haven't shown Modi the boot, is the most surprising part.

[lazybugger]

This is beyond disgusting.

Actually, I can't think of one good thing this govt has done. Yuck.

[lazybugger]

The arrogance of those in the Modi govt. rivals that of those during the last few years of UPA 2.

 

[TampaChinnodu]

Unfortunately only common man will be affected by this again. 

[lazybugger]

2 minutes ago, TampaChinnodu said:

Unfortunately only common man will be affected by this again. 

Even more unfortunate is how one small section of the people will laugh/mock the affected people to keep up with the times.

Inka enni cinemalu choopisthaado Modi.

[lazybugger]

ekkuva maatladithey terrorist antaaru babu. silent ga untey better.

thoo mee brathuku cheda ---> to Modi fans.

[Kool_SRG]

3 minutes ago, TampaChinnodu said:

Unfortunately only common man will be affected by this again. 

Many would have been waiting for the crowd to come down and later do the job, now with this many are at mercy of officials.....This could lead to bribing at few places , officials taking bribe and accepting deposits like its happening at many places.

[Kool_SRG]

1 minute ago, lazybugger said:

ekkuva maatladithey terrorist antaaru babu. silent ga untey better.

thoo mee brathuku cheda ---> to Modi fans.

Anti nationalists antaru 

[lazybugger]

4 minutes ago, Kool_SRG said:

Many would have been waiting for the crowd to come down and later do the job, now with this many are at mercy of officials.....This could lead to bribing at few places , officials taking bribe and accepting deposits like its happening at many places.

Inkendi exchange bokka antha time waaste. Hail black money exchangers. vaalley 6% interest isthaam antunnaru old notes ki. parallel economy run chestaaremo.

Total failure this is by Modi. inka kooda siggu lekunda kontha mandi ochhi aa lafoot gaadini defend chestaaru choosko.

http://economictimes.indiatimes.com/news/politics-and-nation/now-get-interest-on-exchange-of-old-notes/articleshow/55949867.cms

[lazybugger]

Finally black economy will save people from the idiot Modi. Don't pay tax to the govt until this idiot resigns.

that's how people should react.

[lazybugger]

kastapadi 60yrs, mukki mooligi country ni edho oka stage ki teeskosthey, ee dongana koduku edho peekuthaanu ani ochhi malli modatiki techhey laa unnadu.

Nehru ni blame chesey vaallantha, pls meeku siggu anedhi untey, inka mooseyandi.

[lazybugger]

Corruption kantey big problem, hero complex. not that Modi is not corrupt. 

MSM is shielding all his corruption charges for now. Time to begin investigative journalism and bring down this monster. kick him into oblivion.

[BUDDY]

this is ridiculous