Restrictions on cash withdrawals may continue beyond December 30
Posted on: 26/Dec/2016 12:23:02 PM
Since sufficient currencies are not being printed, restricted withdrawal at ATMs will continue even after 30th. Bank officials are also protesting against this. They are asking the government to ease the restrictions. After the demonetization of Rs 500 and Rs 1000 currencies, restrictions were imposed for withdrawals in banks and ATMs. Currently one can withdraw Rs 24,000 per week from the banks and Rs 2500 from ATMs daily.
Note printing presses and Reserve Bank of India is not able to cope up in printing new currencies as per demand. Rs 15 lakhs 40 thousand Crores void rupees were deposited in banks between 9th November to 19th November. At this point of time, RBI has distributed only 5 lakhs 92 thousand Crores of rupees to the banks. The central government and RBI have not announced that when the restrictions will be lifted. Hence it seems the restrictions may continue in the New Year also.
At a time when banks are struggling to meet the demand of individual customers, it would be impossible to service MSME and big corporates which requires cash in large quantity, an official said, the practical way would be to relax it gradually.
