Rs 5000 one time deposit circular withdrawn by RBI. Earlier it was mandated that above Rs. 5000 old bank notes can be deposited once only

Rs 5000 one time deposit circular withdrawn by RBI. Earlier it was mandated that above Rs. 5000 old bank notes can be deposited once only

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) – Deposit of Specified Bank Notes (SBNs) into bank accounts- Modification

RBI/2016-17/191
DCM (Plg) No. 1911/10.27.00/2016-17

December 21, 2016

The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks

Dear Sir,

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) – Deposit of Specified Bank Notes (SBNs) into bank accounts- Modification

Please refer to our circular DCM (Plg) No. 1859/10.27.00/2016-17 dated December 19, 2016. On a review of the above, we advise that the provisions of the above circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts.

2. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager