RBI changing its rules like PM changes his clothes: Rahul
December 20, 2016  15:16
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RBI is changing rules like the PM changes his clothes, says Rahul Gandhi.

The Congress VP's comment comes after the RBI issued a statement yesterday that deposits of above Rs 5,000 in banned banknotes can be made only once till December 30. This is the latest in a series of banking restrictions after the government recalled high-value bills.

Such deposits will be accepted only after two bank officials satisfy themselves on why the deposits were not made earlier. The accounts must also be compliant with customer information details, called KYC, otherwise deposits can be restricted to Rs 50,000, the RBI said.

"The (depositor's) explanation should be kept on record to facilitate an audit trail at a later stage,' the central bank said in a notification.

The government pulled out 500-and 1,000-rupee bills on November 8, in an effort to fight a parallel 'black economy', and has since announced near-daily changes to banking rules to manage the transition. The banned notes can be deposited in banks till December 30 and thereafter at select RBI counters till March 31.

On November 12, a week after PM Narendra Modi announced demonetisation, finance minister Arun Jaitley held a press conference where he outlined the rules under the demonetisation scheme. One of the pointers towards tackling the government's new move was: "Dont rush to banks right now for exchanging or withdrawing old Rs 500 or Rs 1000 notes as there are massive crowds. Wait for a few days as the scheme is open till December 30."
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