Wednesday, February 8, 2017
The Reserve Bank of India is set to lift the restrictions imposed on the cash withdrawals completely from March 13 that were imposed in the wake of demonetization of high value currency notes on November 8, 2016.
According to sources, the cash withdrawal limits for Savings Bank accounts will be increased from present Rs.24,000 to Rs.50,000 a week from February 20. One can withdraw money at one go from ATMs if the banks allow it.
RBI Deputy Governor R.Gandhi told to media on Wednesday that they have decided to remove these limits in two stages. He said that the notes in circulation as on January 27 amounted to Rs.9.92 lakh crore.
It may be recalled that cash withdrawals had been capped at Rs.2,000 from ATMs and Rs.10,000 from banks as part of the initial step to withdraw high value banknotes after demonetization of high value currency notes.