Government Clarifies New Deposit Rule

Finance Minister Arun Jaitley today explained the latest change in rules for depositing old notes in bank accounts, criticised by the opposition as "desperate measures." The government had said on Monday that people can from now till December 30 make just one deposit of more than 5,000 rupees in banned 500 and 1,000-rupee notes and will have to exp...

With nearly Rs 13 lakh crore out of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 junked already deposited in banks, the government has changed rules to mandate that individuals can deposit over Rs 5,000 in old currency bills only once until December 30.

After tightening rules for depositing old 500 and 1000-rupee notes, Finance Minister Arun Jaitley said on Monday evening that no questions will be asked if any amount of scrapped currency is deposited in one go but repeated deposits may raise queries.

Finance Minister Arun Jaitley today explained the latest change in rules for depositing old notes in bank accounts, criticised by the opposition as "desperate measures." The government had said on Monday that people can from now till December 30 make just one deposit of more than 5,000 rupees in banned 500 and 1,000-rupee notes and will have to exp...

With nearly Rs 13 lakh crore out of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 junked already deposited in banks, the government has changed rules to mandate that individuals can deposit over Rs 5,000 in old currency bills only once until December 30.

After tightening rules for depositing old 500 and 1000-rupee notes, Finance Minister Arun Jaitley said on Monday evening that no questions will be asked if any amount of scrapped currency is deposited in one go but repeated deposits may raise queries.