After facing huge backlash, the Reserve Bank of India (RBI) was forced to withdraw its orders with regard to restrictions imposed on bank deposits exceeding Rs 5000 in old notes have within 48 hours. In a circular issued to banks today, the RBI said it was revoking the restrictions after reviewing the case.

It may be recalled that on Monday, the RBI announced that deposits in old notes will be limited to Rs 5000, and those exceeding the sum will come under scrutiny. “Tenders of specified bank notes (SBN) in excess of Rs. 5,000 into a bank account will be received for credit only once during the remaining period till December 30, 2016,” RBI said.

However, the RBI in a latest circular issued said the KYC complaint account holders will not be questioned over depositing more than 5000 rupee of old currency notes of 500 and 1000 rupees. The RBI said it is revoking the restrictions after review.

Earlier, RBI had directed that the customers would have to answer questions such as why they couldn’t deposit the money so far. Tenders of SBNs up to 5000 rupee in value received across the counter will be allowed to be credited to bank accounts in the normal course until December 30, 2016.

Finance Minister Arun Jaitley, however, clarified that deposits made in one go would not attract questions from bank and tax authorities, but repeated deposits by same account holder might raise questions. This further compounded the confusion over the initial notification issued due to the contradicting statements coming from the government and RBI. The fresh directive by the RBI came under heavy criticism from the Opposition, with Congress vice-president Rahul Gandhi tweeting “RBI is changing rules like the PM changes his clothes”.