The Reserve Bank has imposed strict restrictions for depositing cash in old notes in your account.

Depositing anything above Rs 5,000 will be a nighmare for the depositors. But there are ways that you can make a deposit of more than Rs 5,000.

First way to do it is to get your account KYC-compliant. For this you will have to give copy of your PAN card, Address Proof and Identity Proof to the bank. Once your account is KYC-compliant, you can depsoit any amount of cash, but such a deposit you can make only once till Dec 30.

Another way out is to make deposit under the new black money amnesty PMGKY scheme.“There shall not be any limit on the quantity or value of the specified bank notes that are tendered for payment and deposit made under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016“, the Finance Ministry said.

Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4 - year interest free lock - in for the remaining 25 per cent of the amount. The balance 25% you can take home


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