Central bank Withdraws provisions for questioning deposits in in fully KYC-compliant bank accounts
News Latest The Reserve Bank of India on Wednesday exempted Know Your customer (KYC) compliant accounts from the new rules on deposits of above Rs 5000 .
No questions will be asked for deposits of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC accounts.
Breaking news, In a message sent to all banks, the RBI said it had reviewed its instructions and decided that the rule will not apply to KYC-compliant accounts.
RBI had earlier imposed restrictions on the quantum of old notes that can be deposited in bank accounts.Old notes up to the Rs 5,000 limit received across the counter would be allowed to be credited into bank accounts in the normal course until December 30, the RBI had clarified. In the due course of Demonetisation, RBI had also said that the depositor has to give an explanation as to why the old notes were not deposited earlier. The amount will be credited in the bank account only after receiving a satisfactory explanation.
Analysts had said the move would add to the woes of those still waiting to deposit old notes. However, officials said people with money that was accounted for had no cause to worry.
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