Dec 2, 2016

RBI Clarifies No Restriction on Deposit on Current or CC Account

Reserve Bank of India clarifies that no restrictions made on deposit on current, cash credit or overdraft account. There are some rumors on social media about this restrictions, so RBI needs to clarify this issue. Full clarification is as under.

In the wake of the withdrawal of legal tender character from the Specified Bank Notes (SNBs), Reserve Bank of India has been, from time to time, issuing instructions to the banks through the website of RBI (www.rbi.org.in) and official mail.

2. It has been reported that certain guidelines / instructions purported to be issued by RBI are being circulated in the social media by some unscrupulous elements creating confusion in the minds of the public/ bank personnel.

3. Banks are, therefore, cautioned to abide by only those instructions which are either uploaded on our website (www.rbi.org.in) or mailed through the official mail.

4. The banks should not rely on other unsecured/ unofficial channels like social media wherein the authenticity of the documents circulated is questionable and not verifiable.

5. Please acknowledge receipt.
Yours faithfully,
(Suman Ray)
General Manager

Fake Circular No. RBI/2016-17/166 provides that in case of genuine deposits in Current Account banks are advised to take certificate of cash balance as on Nov. 8, 2016 duly attested by tax authorities along with details of deposits from Nov. 10, 2016 till date.

Actual Circular No. RBI/2016-17/166 provides that banks should not rely on instructions issued on unofficial channels like social media and rely on instructions uploaded on RBI's website.

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