Telugu Politics

RBI stepped back on old notes 5000 limit

rbi-re-660

The recent developments in our country have been making the people of India restless with government’s mad rules and regulations regarding demonetization.

After the ban of old 1000 and 500 currency notes by PM Modi, all are struggling to exchange their old notes on or before the end of December. Many deaths are reported standing in lines stretching miles before ATMs and banks to withdraw new currency for the living. To this chaos state of the nation, the recent RBI rule has pounded the common man. According to that new amendment, old notes corresponding to the amount of 5000 shouldn’t be deposited into accounts. They are accepted if and only if the depositor provides a reasonable answer with proofs. This rule made the center and RBI to face severe criticism from common people to media to opposition parties.

After facing unexpected hit back, RBI took a U-turn finally. They lifted their new rule of not accepting their old notes which are above 5000. Now this is a big sigh of relief for normal people who has old notes which were earned with blood and sweat. Now people can deposit their old notes into their bank accounts more or less than 5000 unconditionally before 30th of December