Cash withdrawal limit to be relaxed
Posted on: 29/Nov/2016 11:19:35 AM
On Monday, the Reserve Bank of India, RBI, issued a notification that announced that the current cash withdrawal limit at banks and ATMs will be relaxed on or after Nov. 29. The notification said that the new Rs. 2000 and Rs. 500 notes will be issued for such withdrawals.
In an official statement, the RBI said, It has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of Rs 2,000 and Rs 500 are to be issued for such withdrawals.
Banks across the country have received Rs 8.45 lakh crore from demonetisation during November 10 and November 27. Citizens withdrew Rs 2.17 lakh crore from accounts over the counter or via ATMs during the period while amount exchanged from old notes to legal tender is Rs 33,950 crore. Amount deposited in banks is Rs 8.11 lakh crore during demonetization.
