RBIs u-turn: Wont be questioned for depositing more than Rs 5000
No questioning will be done for the tenders depositing old notes up to or less than Rs 5000 into bank accounts till the mentioned date
Reserve Bank of India (RBI) on Monday did an about turn and said that it is withdrawing the provisions of the December 19, 2016 notification.
The notification stated that any individual depositing over Rs 5000 in their bank accounts will have to explain to two bankers why they did not do so since November 9, 2016. RBI said, "On a review of the above, we advise that the provisions of the above circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts."
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