The Reserve Bank of India has changed rules once again with regards to its demonetization drive creating further confusion among people. Earlier this week the country's central bank announced a fresh set of restrictions on cash deposits of demonetized notes but as of Wednesday some of these restrictions have been rolled back.
The earlier rules stated that individuals will be able to deposit bank notes above INR 5,000 ($74) only after an explanation to two bank officials as to why this was not deposited earlier. This however led to huge protests against banks and public outcry on social media, following which the Indian central bank decided to roll back the need for explanation.
However, only those accounts that are identified and verified by the banks through an official verification process called 'Know Your Customer' (KYC) will be exempted from the interrogation. Accounts that are not KYC compliant will be subject to explanation on deposits made over INR5,000.