News Karnataka
Saturday, January 28 2023

RBI withdraws one-time deposit norm for KYC-compliant accounts

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New Delhi: The Reserve Bank of India (RBI) on Thursday issued a notification partly withdrawing its earlier order disallowing deposits of over Rs 5000 to be made into banks more than once till December 30.

Now, such deposits can be made by KYC compliant account holders, without questions being asked, said RBI. In a circular issued to banks on Wednesday, the RBI said it was revoking the restrictions after review.

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. It said that customers would have to answer questions such as why they couldn’t deposit the demonetised 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 scrutinised. 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.

Finance Minister Arun Jaitley, however, clarified that deposits made in one go would not attract questions from bank and tax authorities. This further compounded the confusion over the initial notification issued due to the contradicting statements coming from the government and RBI.

RBI had said old notes 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.

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