‘No Limit For Cash Withdrawal’ Conditions Apply!
Middle class people were the most to suffer with demonetization of high currency notes and with limitation on cash withdrawal from their own bank accounts. Former Prime Minister Manmohan Singh puzzled few valid questions recently in Parliament and one among them is why can’t people withdraw their own money and why is this limitation. The limit was Rs 24K per week.
At last, Reserve Bank Of India provided good news for small traders. The RBI officials announced that, there will be no limit on depositors withdrawing money from their accounts, but only for new notes you deposit in your account.
The regulator said it had been brought to its notice that certain depositors were hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
“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 2000 and 500 are to be issued for such withdrawals,” RBI said in a notification.
Public deposited Rs 8.11 lakh crore in banks, withdrew Rs 2.16 lakh crore from accounts/ATMs since November 9.