5000 Deposit Limit

In its 60th notification since the notes ban was announced, the Reserve Bank of India (RBI) today made an important change in how outlawed 500- and 1,000-rupee notes can be deposited in banks after a huge backlash over the rule that required an explanation from people for deposits above Rs 5,000. No questions will be asked for deposits above Rs 5,0...

RBI said that deposits above Rs 5000 in old notes will be accepted only after two bank officials satisfy themselves on why the deposits were not made earlier.

In its 60th notification since the notes ban was announced, the Reserve Bank of India (RBI) today made an important change in how outlawed 500- and 1,000-rupee notes can be deposited in banks after a huge backlash over the rule that required an explanation from people for deposits above Rs 5,000. No questions will be asked for deposits above Rs 5,0...

RBI said that deposits above Rs 5000 in old notes will be accepted only after two bank officials satisfy themselves on why the deposits were not made earlier.