RBI withdraws one-time deposit norm for KYC accounts

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RBI withdraws one-time deposit norm for KYC accounts

New Delhi, Dec 21, 2016: RBI withdraws one-time deposit norm for KYC accounts. In a U-turn, the RBI on Wednesday withdrew its order barring individuals with KYC-compliant bank accounts from depositing over Rs 5,000 in outdated currency greater than as soon as till December 30.

RBI withdraws one-time deposit norm for KYC accounts.

However the notification stands for bank accounts that are non-KYC. The higher restrict of Rs 50,000 additionally stays for non-KYC bank accounts, the Reserve Bank of India stated.

The central bank stated that on reviewing its December 19 notification, it was advising banks to withdraw the one-time deposit situation for quantities above Rs 5,000 for absolutely KYC-compliant accounts.

On December 19, the RBI had introduced that deposits of demonetised Rs 500 and Rs 1,000 notes in extra of Rs 5,000 will probably be allowed solely as soon as until December 30 — that too after strict scrutiny as RBI withdraws one-time deposit norm for KYC accounts.

The choice created huge confusion even after Finance Minister Arun Jaitley contradicted on Monday night time the RBI notification, saying folks is not going to be questioned if any quantity of outdated currency was deposited at one go. However repeated deposits might invite scrutiny, he mentioned.

The RBI determination on Wednesday got here after the one-time deposit situation drew widespread flak.

Each the opposition and bank prospects hit out on the authorities’s flip-flop over deposit of outdated notes following the November eight resolution to recall the high-value foreign money payments as RBI withdraws one-time deposit norm for KYC accounts.

In response to the December 19 notification, if an individual deposits greater than Rs 5,000 in withdrawn currencies, the account shall be credited solely after questioning her or him, within the presence of two bank officers, as to why the cash was not deposited earlier.

The bankers have been to maintain the explanatory assertion on report for future audit path.

Even when the deposits had been lower than Rs 5,000 at a time however cumulatively exceeds the quantity, then additionally the bank officers have been instructed to get on report an evidence from the depositor when RBI withdraws one-time deposit norm for KYC accounts.

The situation vis-a-vis non-KYC compliant accounts stays, the higher restrict of deposits restricted to Rs 50,000.

Photo Courtesy: newindianexpress.com

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