RBI exempts KYC-compliant accounts from interrogation, single-deposit rule

Rattled after huge protests against banks interrogating people who deposited more than Rs 5,000 rupees in demonetised currency notes, the Reserve Bank of India (RBI) amended its December 19 notification today and exempted fully KYC-compliant accounts.  Now people will be asked no questions on deposit of more than Rs 5,000 in scrapped currency in KYC-compliant accounts. Also, now more than one deposit, even if above Rs 5,000, can be made in KYC-compliant accounts till December 30. Its RBI's 60th notification since November 8—and one of many U-turns on deposit and withdrawal norms. 

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