No curbs on deposits in accounts that fully comply with KYC: RBI
For accounts that are not fully compliant with KYC, RBI has said that only Rs. 50,000 can be deposited using the demonetised currency.
The Reserve Bank of India on Wednesday said that restrictions on deposits will not apply to bank accounts that fully comply with KYC (Know Your Customer).
On Monday, the central bank said an individual would be allowed to deposit more than Rs. 5,000 only once in the Rs. 500 and 1,000 currency till December 30 and such deposits could be made after explaining why payments were not made till now.
On Wednesday, the RBI said that after ‘a review’, banks were advised that those restrictions would not apply to accounts that fully comply with KYC.
For accounts that were not fully compliant with KYC, the RBI said, only Rs. 50,000 could be deposited using the demonetised currency.