MUMBAI (TIP): Reserve Bank of India on Thursday clarified that account-holders can make multiple cash deposits in withdrawn currencies till December 30. RBI had on Wednesday reversed an earlier directive requiring banks to question customers who deposit scrapped notes worth more than Rs 5,000. The circular had also insisted that all future cash deposits be made in one go.
While Wednesday’s notification withdrew the condition that banks question depositors, it was silent on whether multiple deposits would be allowed. On Thursday, RBI updated its `frequently asked questions’ on demonetisation where it clarified that deposits can be made more than once.
“Specified Bank Notes (scrapped notes) can be deposited in cash deposits machines/cash recyclers or at bank branches more than once till December 30, 2016. At bank branches, customers should use separate pay-in-slips for depositing SBNs and other legal tender,” RBI said.
Bankers had gone on nationwide protests against RBI’s directive which put the onus of ensuring compliance on bank officials. According to the circular, deposits of scrapped notes above Rs 5,000 could be accepted only if the customer gave a `satisfactory explanation’ on why he or she could not deposit funds for so long. Also the explanation was to be recorded in the presence of two bank officials. Many banks had stopped accepting deposits above Rs 5000 completely while others rejected deposit statements on the grounds that the explanation was not satisfactory. Source: TOI