Fresh bullet for common citizens : Deposit above Rs 5,000 can be made only once

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Massive queues at ATM during demonetisation in 2016 / Google Image
People standing in long queues to exchange their old Rs 500 and 1000 notes in New Delhi (file photo)

HIGHLIGHTS 

  • Deposits of above Rs 5,000 in old notes can be made only once till the deadline of December 30
  • The money will be credited to the account only after receiving a satisfactory reply from the customer
  • Deposits up to Rs 5,000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016.

New Delhi : In a fresh blow to the already struggling citizens, RBI has announced new restrictions on deposits of old banned notes.

For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account. The money will be credited to the account only after receiving a satisfactory reply from the customer as to why the amount couldn’t be deposited earlier.

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Also, an equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation by the third party. The limit for withdrawals has remained unchanged at Rs 24,000 per week.

Since 8 November there has been lots of changes made in rules regarding deposits and withdrawal, which has created more and more burden on the common citizens. The ATMs have too low or zero  cash supply, the cash supply in banks too have same problems.

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The BJP government pushing citizens to use Digital Payment even though India is not prepared to go cashless economy at this stage. According to analysts, only 2% Indians were using digital transactions before demonetisation, after demonetisation it could only increase 6%.

Just over half of the nation’s adults have bank accounts, a precursor to using digital payments. Roughly 98% of all transactions are in cash, with 11% of consumers using a debit card in 2015, while most retailers don’t accept cards.

 

 

 

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