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8
February 2017
The
limits on savings bank cash withdrawals post-demonetisation are to be withdrawn
in two stages, the Reserve Bank of India announced on Wednesday, with the limit
slated to go up to Rs,50,000 per account from February 20 and to cease from
March 13.
The
announcement was made by RBI Deputy Governor R. Gandhi following the fiscal's
last monetary policy review announcement by the central bank at which it kept
its key interest rate unchanged at 6.25 per cent, saying it awaited data on the
full impact of the government's demonetisation drive three months ago. The Total Investment & Insurance Solutions
On
January 30, the RBI had ended all curbs on withdrawals from Current Accounts,
Cash Credit Accounts and Overdraft Accounts. 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 was later raised
to Rs4,500.
In
January, the RBI had hiked the daily ATM withdrawal limit 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 March 13 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
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