Full text: RBI caps deposits exceeding Rs 5,000 to just one before 30 Dec
The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. The RBI on Monday restricted deposits of demonetised Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once till December 30 -- after strict scrutiny. The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. In its notification, the Reserve Bank of India instructed all the banks to give full credit to demonetised notes over Rs 5,000 only in the case of accounts compliant with 'Know Your Customer' (KYC) norms If the accounts are not KYC compliant, then the credit for deposits of demonetised currencies will be restricted to Rs 50,000. Here is the full text of the RBI notification: RBI/2016-17/189 DCM (Plg) No. 1859/10.27.00/2016-17 December 19, 2016 The Chairman /...