Old notes deposit above Rs 5000: RBI relaxes norm for fully KYC compliant accounts

New Delhi: According to fresh circular by Reserve Bank of India(RBI), following two provisions in its earlier circular will not apply to fully KYC compliant accounts:

Provision 1 in earlier circular which is now not applicable to fully KYC complaint accounts: Tenders of SBNs in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed.

Provision 2 in earlier circular which is now not applicable to fully KYC complaint accounts: Tenders of SBNs up to Rs 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than Rs 5000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5000 they may be subject to the procedure to be followed in case of tenders above Rs 5000, with no more tenders being allowed thereafter until December 30, 2016.

Earlier circular

Today’s circular

DeshGujarat