After Demonetisation, money laundering has been on a constant rise in the country. To keep a check on this, the RBI has said that before December 30 any amount above Rs.5000 can be deposited only once in individual accounts. This limit is for depositing old Demonetised notes of Rs. 500 and Rs. 1000 into accounts. However, there is no limit for depositing new currency of Rs. 500 and Rs. 2000 notes into individual accounts under the Pradhan Mantri Garib Kalyan Yojna, 2016 and taxes will be calculated on the amount new currency deposited.

While depositing amount above Rs.5000 in old notes of Rs.500 and Rs.1000, the individual also has to answer as to why he couldn’t previously deposit the amount in his account. If a proper reason is not stated, the transaction could be canceled. All the deposits made will be under strict scrutiny, and if any individual tries to make multiple deposits into the same account in small denomination than Rs.5000, they will have to follow the same procedure as for depositing in a single transaction.

RBI issued that, “if deposits are made in new notes, any amount more than Rs.5000 will be deposited in the KYC-compliant account, and if the account is not KYC-compliant the transaction will be limited to Rs.50,000.” Although these restrictions will not apply to deposit of new notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana. Also if Third-party deposits are to be made, the banks first will take authorization from the account owner first and then allow deposits.
Strict rules are expected to be rolled out by the end of the day on December 19, to keep a tab on the amount deposited in individual accounts.