RBI revokes ceiling limit on deposit exceeding Rs 5,000 in old notes

New Delhi: Succumbing to mounting pressure from public, the Reserve Bank of India (RBI) today revoked its decision of restricting deposits exceeding Rs 5,000 using demonetised Rs 500 and Rs 1,000 currency notes, provided the account holders are ‘Know Your Customer’ (KYC) compliant. In a letter to Public Sector Banks, Private Sector Banks, Foreign Banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks, the apex bank said it has modified the withdrawal of legal tender character of existing Rs 500 and Rs 1,000 notes (Specified Bank Notes).

The apex bank has also withdrawn the provision of questioning the tenderer in the presence of at least two bank officials, as to why this could not be deposited earlier and receiving a satisfactory explanation. (UNI)