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RBI rolls back cash deposit curb of Rs 5000 with immediate effect

RBI, DemonetisationThe Reserve Bank of India on Wednesday rolled back a recent curb on cash deposits that had been put in place just 10 days before the end of the government’s demonetization deadline of Dec. 30.

The measure had directed banks to question any individual depositing more than 5000 rupees in old discontinued notes in the days leading up to the deadline.

Customers had to give the banks a satisfactory reason on why they had not deposited the funds earlier.

In a one-line notification, the RBI withdrew the rule on Wednesday for all accounts which have been verified by banks by providing so-called ‘know-your-customer’ documents, but did not cite any reason for the same.

SourceReuters

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