Reverse Bank of India changes norms 126 times, Congress on RBI backtracking

“Reserve Bank of India has become ‘Reverse Bank of India’; In last 43 days of demonetisation, they changed norms 126 times since November eight,” Congress spokesman Randeep Surjewala said.

Earlier,  RBI’s directive on Monday had also came under heavy criticism from many people, including Congress Vice-President Rahul Gandhi, who tweeted :“RBI is changing rules like the PM changes his clothes”.

The RBI had on Monday  asked account holders to deposit all demonetised notes in one go, but said that deposits exceeding Rs 5000 will be scrutinised.

It said depositors would have to give a satisfactory reply on why they couldn’t debit the money earlier.

On Wednesday, the central bank clarified that its earlier directive will not apply to bank accounts with proper documentation.

“On a review of the above, we advise that the provisions of the above circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts,” it said.

The move comes after resentment over the earlier rule that required the people to furnish an ‘explanation’ in front of the bank officials as why they took so long to deposit their money.

Since Novmber eight, when demonetisation was announced, RBI has issued plenty of notifications, with one often amending the other and this invited huge criticism from the opposition parties for allegedly confusing and harassing the common people.