News Karnataka
Saturday, January 28 2023
Business

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

Photo Credit :

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.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp