RBI rolls back norms for deposit of old notes by KYC customers

By : 21-Dec-2016
Demonetisation,RBI, Rs 5,000

New Delhi: On the 43rd day of Demonetisation, the Reserve Bank of India sends its 60th Notification on Wednesday about its restrictions on deposits of over 5000 rupees.

The fresh notification mounted anger among the masses because the already complicated banking process has turned more and more complex to be understood by the commoners spending their time in the queues. 

The previous notification issued as on December 19 allowed deposit of over 5000 rupees in bank accounts by the people provided they had furnished a “satisfactory explanation” to the bank official.

The RBI’s Wednesday’s rollback makes an exception for fully KYC complaints. It means that customers without fully compliant KYC norms will require submitting a “satisfactory explanation”.

KYC, ‘Know Your Customer’, is a process through which banks acquire data about the identity of its customers holding accounts for safety measures. A copy proof of identity along with the  residential address proof in the form of Aadhar Card, driving license, and Voters ID Card, Passport or Pan Card have to be attested for account verification.

The irritated people questions as to why they had to provide explanation for depositing their own surplus money. They express legitimate reasons for delaying their deposits till the last week of December. They also had recalled PM Modi’s promise made on November 8 during his TV address to the public saying that the deposits could be made till December 30.

Yogendra Yadav mentioned the new order of the RBI as an unfair and stupid one that is actually eroding the credibility of the RBI.

The recurring decisions taken by the Centre is adding confusion in the modes of digital payments or point of sales (PoS).

The government sources stressed that cash payment of wages have not stopped even after the government has passed its ordinance to approve the payment of wages electronically.

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