Repeated deposits of old notes will raise queries: FM

December 19, 2016 22:01

Clarifying the cap on depositing more than Rs 5,000 in the scrapped Rs 500 and Rs 1,000 notes, Finance Minister Arun Jaitley said no questions will be asked if old currency deposited in one go.

However, he added that repeated deposits will raise queries.

Earlier, the government imposed new restrictions saying that deposits of more than 5,000 rupees in old 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 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.

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