New Delhi, December 21: Today the restrictions imposed on bank deposits exceeding Rs 5000 in old notes have now been withdrawn by Reserve Bank of India. In a circular issued to banks today, the RBI said it was revoking the restrictions after reviewing the case. The RBI has modified its rules announced on 19 December and has relaxed these rules for fully-KYC compliant bank accounts.
Now people will not be asked any questions on deposit of more than Rs 5,000 in scrapped currency in KYC-compliant accounts. Also, now more than one deposit, even if above Rs 5,000, can be made in KYC-compliant accounts till December 30.
On Monday, the RBI announced that deposits in old notes will be limited to Rs 5000, and those exceeding the sum will come under scrutiny. “Tenders of specified bank notes (SBN) in excess of Rs. 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016,” RBI said.
It said that customers would have to answer questions such as why they couldn’t deposit the demonetized currency so far. Only after receiving a satisfactory reply would the bank credit the amount to the individual’s account, RBI said. It also added that deposits less than Rs 5000, but cumulatively exceeding the limit, will also be duly scrutinized. And the money deposited would be only credited to KYC complaint accounts, it said. RBI set December 30 as the deadline for making the deposits.