RBI exempts all KYC accounts from Rs 5000 deposit norms

21 December, Mumbai

The Apex bank of the country, continued to change its rules for depositing the scrapped high value notes, today the Reserve Bank of India (RBI) again issued a statement saying people, who had filled its Know Your Customer (KYC) form can deposit more than Rs 5000 old currency in the bank till December 30, this year.

Last Monday, the RBI had issued a circular saying people can deposit old notes of Rs 500 denomination once only till December 30. If people deposit more than Rs 5000, they have to give explnation to the bank, leads several criticism from across the country.

Since demonetisation of high value notes, the government has changed more than 50 times its rules pertaining to withdraw as well as depositing the amount in the bank.

The relaxation will be applicable to those who have already submitted KYC form to the bank.

The RBI said it was revoking the restrictions after reviewing the case.

The restriction ” imposed on Monday ” had led to criticism of the government for adversely affecting people who had waited for the queues at banks to reduce.