New Delhi: The Reserve Bank of India (RBI) latest notification, issued on Monday, says that an individual depositing Rs 5000 and above into their bank accounts will have to provide a "satisfactory" explanation to 3 bank officials on record so that an audit can be carried out later if need be.
The notification reads: "Tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed."
Furthermore, deposits in excess of Rs 5000 can only be made once, until December 30.
The above restrictions will not apply to deposits made in the favour of Pradhan Mantri Garib Kalyan Yojana, 2016, the newly introduced income disclosure scheme for tax evaders that came into force 2 days ago as part of the Taxation Laws (Second Amendment) Act, 2016.
The reasons given in the notification say that the move was implemented to place restrictions on deposits of scrapped bank notes into accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Garib Kalyan Yojna.
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