RBI rule of the day

​New Delhi: Tenders of old banknotes in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

The latest circular from the RBI adds that such money will be credited into the bank account only after the tenderer has been questioned by two banking officials.

The depositor will be asked to explain as to why this money wasn't deposited earlier and only after receiving a satisfactory explanation will such money be accepted.

"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," said the RBI note.

According to the RBI circular, tenders of old notes up to Rs 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016.

Even when tenders smaller than Rs 5000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5000 they may be subject to the procedure to be followed in case of tenders above Rs 5000, with no more tenders being allowed thereafter until December 30, 2016.

These restrictions shall not apply to the tenders of old notes for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.