RBI: No questions for deposits of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC accounts

The Reserve Bank of India on Wednesday exempted Know Your customer  (KYC) compliant accounts from  the new rules on deposits of above Rs 5000 .

No questions will be asked for deposits  of old notes of Rs 500 and Rs 1,000 above Rs 5,000 for KYC accounts.

In a message sent to all banks, the RBI said it had reviewed its instructions and decided that the rule will not apply to KYC-compliant accounts.

RBI had earlier imposed restrictions on the quantum of old notes that can be deposited in bank accounts.Old notes up to the Rs 5,000 limit received across the counter would be allowed to be credited into bank accounts in the normal course until December 30, the RBI had clarified.