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RBI exempts KYC compliant accounts from new rules on deposits

The apex bank, however, said that the depositor has to give an explanation as to why the old notes were not deposited earlier. "The amount will be credited in the bank account only after receiving a satisfactory explanation," he stated

Sakshi Chaturvedi

Sakshi ChaturvediBy Sakshi Chaturvedi

Published on 21 Dec 2016 9:32 AM GMT

RBI exempts KYC compliant accounts from new rules on deposits
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New Delhi: Reviewing its decision, the Reserve Bank of India on Wednesday exempted Know Your customer (KYC) compliant accounts from the new rules on deposits of above Rs 5000. The RBI in its statement said, it has decided that no questions would be asked for deposits of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC compliant accounts.

It may be mentioned that the apex bank had earlier imposed restrictions on the quantum of old notes that can be deposited in bank accounts.

The RBI stated, "Old notes up to Rs 5,000 limit received across the counter would be allowed to be credited into bank accounts in the normal course until December 30."

The apex bank, however, said that the depositor has to give an explanation as to why the old notes were not deposited earlier. "The amount will be credited in the bank account only after receiving a satisfactory explanation," he stated.

Sakshi Chaturvedi

Sakshi Chaturvedi

A journalist, presently working as a Sub-Editor at newstrack.com.

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