RBI: Now, Customers Can Deposit More Than Rs 5000 In Old Notes

Reserve Bank of India (RBI) on Wednesday removed restrictions on customers depositing old notes in excess of Rs 5,000.

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The Reserve Bank of India (RBI) amended its December 19 notification on Wednesday and exempted fully KYC-compliant accounts.

Now more than one deposit, even if above Rs 5,000, can be made in KYC-compliant accounts till December 30. Its RBI's 60th notification since November 8, when the PM Modi announced the demonetization of old currency notes of Rs 500 and Rs 1000.

RBI: Now, Customers Can Deposit More Than Rs 5000 In Old Notes

On monday RBI announced that deposits of more than 5,000 rupees in old Rs 500 and 1,000 notes can be made in a bank account only once from now until December 30. It also stated that the deposit in excess of Rs 5000 notes shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank.

RBI on Monday said that, even when notes smaller than Rs 5000 are made in an account and such notes were taken together on cumulative basis exceed Rs 5,000 they may be subject to scrutiny.

The latest RBI circular said banks will not be questioning customers depositing old notes if their accounts are compliant under know your customer (KYC) norms.

The restrictions about the deposit of old notes shall not apply in deposit of old notes under the Pradhan Mantri Garib Kalyan Yojana, 2016 scheme.

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Read more about: rbi, kyc, currency, demonetization, accounts, deposit
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