limit on cash withdrawal

Reserve Bank of India has lifted the weekly cash withdraw limits across the country. The limits were imposed as an effect of demonetization of old 500 and 1000 currency notes. The Prime Minister initiative is gradually eased over the period.

Banks across the country did not allow their customers to withdraw exceeding Rs 50,000 per week until last week. Reports say, bankers estimated that the cash withdrawal limit would be lifted by the end of February.

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Finance Minister Arun Jaitley announced that new currency worth more than Rs 12 lakh crore was in circulation. Considering the Comparison, banned Rs. 500 and Rs. 2000 notes value Rs 15.44 lakh crore as of 8 November, a day before the banknotes ceased to be legal tender.

In the interim, Finance Minister and the RBI continued silence on the exact value or number of banned notes returned. Arun Jaitley answered a question in parliament and said that it was difficult to provide an exact figure of defunct Rs 500 and Rs 1,000 notes deposited so far.

“Every currency note has to be verified – whether it is genuine or fake. Then the genuine and fake notes have to be segregated. It is a very large exercise. Once the RBI completes the exercise, we will inform the House of details,” he said.

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The demonetization move seems to be a risky move just a couple of months before the polls of five-state Assembly. Never the less, BJP has swept the Uttarakhand and Uttar Pradesh and is also set to form governments in Goa and Manipur.

BJP leaders have credited the last year’s surgical strikes and demonetization move as two factors responsible for the party’s victory.