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  • Category: Central Government

    Can I deposit 500 and 1000 note in a bank account multiple times ?


    Have a query about demonetisation? Want to know if you can deposit 500 and 1000 rupee notes multiple times in a bank? On this page you will get resolution to your queries.

    After the government has announced to ban 500 and 1000 rupees I have deposited 5000 in State Bank. Again I want to deposit 2000 rupees which are of 1000 denomination. The SBI manager informed that I cannot deposit money multiple times.
    Is there any rule to not deposit money multiple times of 500 and 1000 notes?
  • #139954
    Yes, you can deposit Rs.500 and Rs. 1000 currency notes any number of times till 30th Dec, 2016. There is no limitation for that.
    For more details, please follow the link- "https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119"

    Padmini

    Living & Learning- simultaneous processes!

  • #139958
    As per the RBI guidelines you are allowed to exchange and deposit the 500 Rs and 1000 Rs notes as many times, This can be done upto 30th december. After the 30th december to March 2017, you'd need documentation stating your purpose for not able to exchange or withdraw the notes. If the amount of the deposit is greater than the 250000 Rs. then you are liable for tax department enquiry. It could be unaccounted money or saved money, doesn't matter. As long as you are able to justify the deposit, there is no problem in exchanging. It's safe to do the exchange and deposit prior to the 30th december.

  • #139959
    Every person can deposit the old currency notes of Rs. 500/- and Rs. 1000/- to any bank(s) where he/she has accounts, till 30th December, 2016. There is no limit on the number of such deposits or number of accounts. However, if the deposit is more than Rs. 2,50,000/-, the account-holder may get notice from Income-Tax department. If he/she can prove that the deposited amount is legitimate income, there would be no problem.
    Caution: Explosive. Handle with care.

  • #139983
    Author Mahesh is right. You can deposit to your account till December 30th only exchange has been stopped. Even withdrawal has a limit for 24,000 rs. but for depositing your amount of rs 500 or rs 1000 there no limit.

  • #139987
    There is no such guide - line that one cannot deposit Rs 500 and Rs 1000 currencies in multiple times. However, the deadline for an account - holder to submit such currencies is 30 th December 2016 and beyond this period being 31 st March 2017, the account - holder would be required to submit a legitimate explanation to the Banking - authority for non compliance of the same. The total deposit summed up in all the cases should not exceed Rs 2,50,000 in order to avoid the harassment of Income - tax officials.

  • #140006
    Until the present deadline date of 30th December 2016 you can deposit in your bank account, the OHD notes( currency notes of 500 and 1000denomination notes which stand withdrawn wef November 8,2016) .

    You need not worry anything if these amounts are from your normal usual source of income. You would have already accounted for it when you received it and paid the eligible and due advance tax or TDS. You also need not worry if the amount including these deposits in your account does not become hugely disproportionate of your normal transaction in the account in the last years. If advance tax is not paid, then you have to account these amount also in your current financial years income return and pay required tax(and advance tax) if the amount comes under tax limits.
    If the amounts so deposited are not yet included or accounted in your income tax reckoning and is much higher that your usual amount of transactions in a financial year, then you may be needed to show sources and may even receive notice from tax authorities.

    ( #139958: Can anyone give the correct reference of RBI/govt instructions regarding the action to be taken after December 31 st 2016?)

  • #140112
    Rules and Procedure for Depositing Old Currency of Rs. 500/- and 1000/--into Banks

    If you have old currency of Rs. 500/- and 1000/--, no need to panic if it is accounted money. Older notes can be deposited in bank accounts till 30th December, 2016. If an individual is unable to deposit it in bank account by 30th December, an opportunity will be given to individual to deposit it at specified offices of Reserve Bank of India (RBI) till 31st March 2017.
    If your Know Your Customer (KYC) is complete, you can deposit any amount and any number of times, but if your KYC is not complete then only maximum of Rs. 50,000 can be deposited in one working day. Old currency of Rs. 500/- and 1000/- can be deposited in any bank account with banking procedure and valid ID proof i.e. copy of PAN card.
    If your branch manager is refusing to deposit your currency, just frame an application in this regard and ask the branch manager to give his remarks. I am 100% sure, instead of giving remarks on your application branch manager will deposit your currencies.


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