Therefore, no questions will be asked for deposits of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC accounts. The RBI said it had reviewed its instructions and decided that the rule will not apply to KYC-compliant accounts, in a message sent to all banks.
The bank had earlier imposed restrictions on the quantum of old notes that can be deposited in bank accounts. Old notes up to the 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 RBI had clarified. RBI had also 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, according to Business standard.
Analysts said the move would add to the woes of those still waiting to deposit old notes. However, officials said people with money that was accounted for had no cause to worry, the online publication continues.
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