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RBI lifts restriction on depositing more than Rs. 5000 in old demonetized notes

Now you can deposit more than Rs. 5000 in old Rs. 500-1000 notes till December 30 without giving any explanation.

Rs. 500 old currency

After massive criticism over Rs. 5000 deposit restriction of old Rs. 500-1000 notes, RBI flips its decision and withdrew the restriction.

On Monday, the government and RBI announced restrictions of depositing only Rs. 5000 once in Rs. 500-1000 demonetized notes in bank accounts till the remaining 11 days of the demonetization drive. According to the notification, an explanation was required if one would have to deposit more than Rs. 5000. The government had since been criticized by many as people were not being allowed to deposit more than Rs. 5000 in old notes.

The massive outrage also appeared on mainstream media which has been largely supporting demonetization drive. The December 19 announcement by the government and RBI altered November 8’s announcement that people would be allowed to deposit old demonetized notes until December 30.

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