In recent times, a viral message has been circulating on WhatsApp, causing confusion and concern among account holders regarding the Reserve Bank of India’s (RBI) alleged new rule on cash deposits. This misinformation claims that accounts will be closed if deposits exceed ₹30,000. However, let’s set the record straight and debunk this misleading information.
Understanding the Reality Behind the Viral Message
The False Claim
The message suggests that the RBI Governor announced a rule wherein accounts with deposits over ₹30,000 would face closure. This has caused widespread panic among banking customers.
Clarification from RBI
Contrary to the viral message, the RBI hasn’t issued any such directive. In fact, the RBI periodically sets regulations to ensure the smooth functioning of banks but has not introduced any rule of this nature.
Actual Cash Deposit Rules by RBI
Savings Account Regulations
According to legitimate RBI guidelines, savings account holders are required to report deposits exceeding ₹10 lakh within a year to tax authorities. This regulation aims to maintain transparency and track large transactions.
Current Account Details
Unlike the circulated misinformation, there are no specific limitations on deposit amounts for current accounts. However, it’s imperative to provide accurate information regarding deposits while filing Income Tax Returns.
Fact Check by Press Information Bureau (PIB)
Debunking the Misinformation
The Press Information Bureau (PIB) conducted a thorough fact check and declared the viral message as entirely false through its official Twitter account. This clarification aims to counter the spread of misleading information and reassure concerned citizens.
एक ख़बर में दावा किया जा रहा है कि भारतीय रिजर्व बैंक के गवर्नर ने बैंक खातों को लेकर एक अहम ऐलान किया है कि अगर किसी भी खाताधारक के खाते में 30,000 रुपये से ज्यादा है तो उसका खाता बंद कर दिया जाएगा#PIBFactCheck
▪️ यह ख़बर #फ़र्ज़ी है।
▪️ @RBI ने ऐसा कोई निर्णय नहीं लिया है। pic.twitter.com/dZxdb5tOU9
— PIB Fact Check (@PIBFactCheck) June 15, 2023Importance of Fact-Checking
The incident underscores the importance of fact-checking before believing and spreading information, especially in the realm of financial regulations. Relying on credible sources ensures accurate understanding and prevents unnecessary panic among the public.
It’s vital to stay vigilant and verify information from reliable sources before accepting or forwarding such messages. The RBI hasn’t implemented any rule that would lead to account closures for deposits over ₹30,000. Let’s prioritize factual accuracy and responsible sharing to mitigate the impact of misinformation in the digital age.
