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RBI takes a U-turn, changes Rs 5000 deposit rule

India Today logo India Today 21-12-2016

The Reserve Bank of India has withdrawn its December 19 circular asking people submitting over Rs 5000 in now defunct 500, 1000 notes in banks to fill up a form explaining why it wasn't done so far.

Buckling under public pressure, the top bank today issued fresh notification recalling its previous circular which means people can more than Rs 5000 in fully KYC compliant accounts.

HERE'S WHAT YOU NEED TO KNOW:

  • Old currency notes worth over Rs 5000 can only be deposited once per bank account till December 30, the Reserve Bank of India had said in a notification.
  • People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier, the RBI said.

More to come...

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