RBI rolls back its Rs 5000 guideline to avoid bank customers’ harassment

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RBI makes a U-turn over deposit of banned currency notes
RBI makes a U-turn over deposit of banned currency notes

New Delhi : The Reserve Bank of India on Wednesday rolled back its latest guideline that said for a deposit of above Rs 5000 in banned currency notes till December 31 customers will have to submit a valid reason.

Latest guideline was issued on December 19, after multiple deposits in bank accounts were registered raising suspicion to how people are still managing to get old currency notes when the transection via them has been banned completely.

The RBI move received serious criticism as the Prime Minister Narendra Modi and Finance Minister had asked people not to queue up outside bank as they will be allowed to deposit money with no hassle till December 31.

The RBI turnaround came as Finance Minister Arun Jaitley's assurance on Monday night and yesterday that there will be no questions asked to customers who would make one-time deposit above Rs 5,000 failed to persuade bank officials who insisted that there should be fresh circular from RBI so that customers will not be harassed.