RBI Amends Rs. 5,000-Deposit Order After Backlash, No Questions For KYC Accounts | Read

PUBLISHED ON: December 21, 2016 | Duration: 2 min, 46 sec

  
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In its 60th notification since the notes ban was announced, the Reserve Bank of India (RBI) today made an important change in how outlawed 500- and 1,000-rupee notes can be deposited in banks after a huge backlash over the rule that required an explanation from people for deposits above Rs. 5,000. No questions will be asked for deposits above Rs. 5,000 for "fully compliant" KYC or Know Your Customer accounts, the RBI said, two days after it declared that every such deposit would invite questions.
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