Telangana News

In a new movie, RBI now called off its recent amendment, which is that the banks would accept deposits over Rs. 5000 in old notes, only upon filling up a form explaining the reasons.

Unable to take the criticisms among the public, the apex bank issued a fresh notification, allowing the public to deposit any amount of old notes in fully KYC compliant notes.

Finance Minister Arun Jaitley said, “If they go and deposit with bank any amount of currency no questions are going to be asked to them and therefore the 5000 rupee limit does not apply to them if they go and deposit it once. 

"But if they are going to go everyday and deposit some currency, same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now," the minister added.