RBI cancels restriction on money withdrawal
Posted on: 13/Mar/2017 12:07:56 PM
Starting from today, restriction towards cash withdrawal from bank accounts is completely withdrawn. On 8th November 2016, the government had restricted withdrawal limit at the time of currency demonetization.
All caps imposed on cash withdrawal will be made nil on 13th March (today), the RBI stated in its previous announcement.
The chaotic demonetization
The demonetization announcement came as a nightmare to every Indian. Scrapping about 86 percent of currency notes of Rs 500 and Rs 1000, the demonetization reflected in restriction of withdrawal limit from banks. Close to Rs 15.44 lakh crore worth notes were demonetized, thus resulting in a very huge cash crunch.
On 20th February, the limit was further eased up to Rs 50,000 per week. Starting from 13th March 2017, today, there will be no limit on cash withdrawal from savings account, the RBI notification dated 8th February reads.
On 31st January, the cash withdrawal limit from current accounts was withdrawn. The apex bank announced that it is yet to gather data. The RBI centres are yet to share data regarding old notes. Data about deposits in cooperative banks is awaited from NABARD. The RBI also said details about note circulation in Bhutan and Nepal are still not collected too. Only on collecting these details, the reserve of old bank notes with the banks will be estimated.
