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Reserve Bank of India withdraws Rs 5000 old note deposit limit for KYC customer

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On December 19 RBI issued a notification saying that tenders of old currency in excess of Rs 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

as people are being suffered lot from demonetization announcement this will add more to them. now RBI take a U turn and issued notice saying that “there will be no questions asked either in case of one-time or repeat deposits if the accounts are KYC-compliant”

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However, customers with non-KYC accounts will be subject to stiff conditions imposed by RBI on December 19 for deposit of junked notes.

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