Last week government announced that 15th December would be the last date of depositing scrapped currency in banks. There are some alterations in rule before couple of days. The date of exchanging scrapped money is extended till 30th of December, with implementation of new norm. According to new policy, people with old currency. can deposit more than Rs. 5000 in banks once till 30th of December. Banks will be asking reason behind why they didn't collated that money before.
if anybody found violating norms of policy, there will be strict action agaist them. Once depositing all the money in bank will not raise any questions but, continuous deposit may bound you in questions.
“Anyone who has old currency notes is not allowed to trade in them. He can only go and deposit them in banks,” Finance Minister Arun Jaitley said on Monday.
Till now, bank had collected Rs.13lakh crore out out of Rs.15.4lakh crore black money. This all amount in bank was collated in old currency.
SC agreed to exchange the seized Black Money by 'Central Bank' with 'New Currency Note'