Deposits of old notes exceeding Rs 5,000 can be made only once per account until December 30 2016, the RBI and the government clarified on Monday. The new set of limits is to check laundering of unaccounted cash.

If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier. The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be ...