‘Reverse Bank of India’ changed norms 126 times since Nov 8: Congress on RBI U-turns

The RBI had earlier advised account holders to deposit all demonetised notes in one go, but deposits exceeding Rs 5000 will be scrutinised.

By: Express Web Desk | New Delhi | Updated: December 21, 2016 3:24 pm
RBI, Reserve Bank of India, merchant discount rate, RBI MDR, MDR, Rate Cut, Debit cards, Debit card payments, payment via debit card, Unified Payment Interface, UPi system, card payment, RBi card payment, Banking news, business news, india news, demonetisation, indian express news The RBI had earlier advised account holders to deposit all demonetised notes in one go, but deposits exceeding Rs 5000 will be scrutinised.

With the Reserve Bank of India (RBI) withdrawing its earlier notification on Rs 5,000 cash deposit limit for KYC-compliant accounts, the Congress on Wednesday criticised the central bank for “changing the norms 126 times” since Prime Minister Narendra Modi announced the scrapping of old Rs 500 and Rs 1,000 notes on November 8. “Reserve Bank of India has become ‘Reverse Bank of India’; In last 43 days of demonetisation, they changed norms 126 times,”said Congress spokesman Randeep Surjewala. RBI’s directive also came under heavy criticism from the Congress vice-president Rahul Gandhi tweeting “RBI is changing rules like the PM changes his clothes”.

READ | RBI withdraws Rs 5000 deposit limit for KYC-compliant accounts

WATCH VIDEO | RBI Buckles Under Pressure, Withdraws Rs 5,000 Deposit Limit

The RBI had earlier advised account holders to deposit all demonetised notes in one go, but deposits exceeding Rs 5,000 will be scrutinised. It said depositors would have to give a satisfactory reply on why they couldn’t debit the money earlier. “Tenders of specified bank notes (SBN) 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,” RBI said.

It had set December 30 as the deadline for making the deposits. It also added that deposits less than Rs 5000, but cumulatively exceeding the limit, will also be duly scrutinised. Finance Minister Arun Jaitley, however, clarified that deposits made in one go would not attract questions from bank and tax authorities, but repeated deposits by same account holder might raise questions.

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