New Delhi: To prevent unscrupulous elements to convert black money into white through multiple small deposits into bank accounts in the last phase of demonetisation, the finance ministry has put fresh restrictions on deposits of old Rs500 and Rs1,000 notes into bank accounts.
According to a notification published on the Gazette of India, the finance ministry said demonetised high value currencies worth more than Rs5,000 can be deposited only once into a bank account up to 30 December. Further conditions will be separately notified by the Reserve Bank of India.