Contact Your Financial Adviser Money Making MC
30 January
2017
The RBI on Monday ended all curbs on
withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts
with immediate effect. The Total
Investment & Insurance Solutions
A Reserve Bank of India notification
said limits on ATM withdrawals will also go from Wednesday.
But the curbs on Savings Bank accounts
across the counter will remain.
"On a review of the pace of
remonetisation, it has been decided to partially restore status quo ante,"
the RBI said. The Total Investment
& Insurance Solutions
"Limits placed vide the circulars
cited above on cash withdrawals from Current accounts/ Cash credit accounts/
Overdraft accounts stand withdrawn with immediate effect.
"The limits on Savings Bank
accounts will continue for the present and are under consideration for
withdrawal in the near future," it added. The Total Investment & Insurance Solutions
The limits were placed following the
November 8 demonetisation of Rs1,000 and Rs500 notes. The upper limit at ATMs
was just Rs2,500 initially, and later it was raised to Rs4,500.
Earlier this month, the RBI had hiked
the daily ATM withdrawal limit from Rs4,500 to Rs10,000 and doubled the weekly
Current Account withdrawal limit to Rs1 lakh.
The upper limit for weekly withdrawal
from bank accounts had been raised to Rs24,000 from Rs20,000 in November. The Total Investment & Insurance
Solutions
While lifting of ATM withdrawal limits
from February 1 will represent coming full circle for these machines in respect
of demonetisation, it is to be seen whether the amount of cash supplied by RBI
will be able to satisfy the demand of citizens in future.The Total Investment & Insurance
Solutions
No comments:
Post a Comment