New Delhi: Reserve Bank of India (RBI) on Wednesday modified cash deposits rules of demonetised notes over Rs 5,000 till December 30 by making it clear 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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Such customers will also not be questioned by bank officials on why they had failed to deposit the old notes earlier.


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

RBI on Monday had said that deposit of banned Rs 500 and Rs 1,000 notes for amount exceeding Rs 5000 shall be made only once per account until December 30.


The RBI had stated, “It may also be ensured that full value of tenders of SBNs in excess of Rs 5000 shall be credited to only KYC compliant accounts”.


If accounts are not KYC compliant credits may be restricted up to Rs 50,000 subject to conditions governing the conduct of such accounts.


As per new RBI notification, the following two paragraphs related to circular dated December 19 will not apply to fully KYC compliant accounts.


i. Tenders of SBNs in excess of Rs 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed.


ii. Tenders of SBNs up to Rs 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than Rs 5000 are made in an account and such tenders taken together on cumulative basis exceed Rs 5000 they may be subject to the procedure to be followed in case of tenders above Rs 5000, with no more tenders being allowed thereafter until December 30, 2016.