RBI is likely to lift the weekly limit on cash withdrawals from savings accounts in banks, said economic affairs secretary, Shaktikanta Das.
“RBI to soon take a call on lifting weekly withdrawal RBI to soon take a call on lifting weekly withdrawal limit; only few withdraw Rs 24,000 a week or Rs 96,000 a month from savings bank account,”Das told PTI.
The Reserve Bank of India on January 31 had announced that limits placed on cash withdrawals from ATMs stand withdrawn from the next day. However, the weekly withdrawal limit of Rs 24,000 continues.
The central bank also said that all limits on current account and overdraft accounts are withdrawn. The RBI, however, allowed the banks to maintain their discretion on own operating limits.
Shaktikanta Das added that: “Remonetisation exercise is nearly complete”.
Post-demonetisation the government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of currency shortage. These limits, however, were gradually eased with RBI pumping in new notes of Rs 500 and Rs 2000.
On November 8 2016, in a surprise move the government had scrapped high value notes of Rs 500 and Rs 1000 with the stated intent of cracking down on black money. These notes formed 86% of the currency in circulation at that time.
Courtesy: Hindustan Times