On Wednesday morning, the Reserve Bank of India (RBI) issued another notification and recalled the Rs 5,000 restriction for ‘Know Your Customer’-compliant accounts, saying that fully KYC-compliant account holders can deposit over Rs 5,000 without any questions asked.
There have been nearly 59 notification changes by the RBI and Finance Ministry since the demonetisation policy was put in place, according to Financial Express. This would make it the 60th notification before the end of the 50 days Prime Minister Narendra Modi had asked for to sort the chaos out.
The newest notification comes a day after Finance Minister Arun Jaitley clarified the RBI’s earlier notification, saying no questions will be asked if any amount of old currency is deposited in one go.
The RBI had announced on Monday that demonetised currency above Rs 5,000 can now be deposited in bank accounts only once till 30 December. The central bank had said if the deposits are less than Rs 5,000 at a time but the cumulative value exceeds Rs 5,000, then the bank officials will question the depositor about why the deposit was not made earlier.
(With inputs from PTI)
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