Now, banks asking for source of funds deposited in old currency

Cautious bank staffers also checking on last deposit amount, showering a volley of questions to save their own skin

A day after the Union government announced that bank customers would now need to provide satisfactory explanation while depositing more than Rs 5,000 in old currency notes, every bank has come out with its own way to evaluate its customers.

At one of the Central Bank branches in the national capital, the bank manager appeared reluctant to accept old currency in the denomination of Rs 500 and Rs 1,000. “This new scheme is to fix the bank officials. They will ask me why I took money in old currency,” said the visibly upset manager, who did not wish to be identified.

The manager was asking each customers to write an application detailing why she didn’t deposit the money before December 20. The bank has also designed a form asking the customers to fill details like name, account number, and since when she had held an account at the branch.(Read More)