The Reserve Bank of India is slowly lifting the restrictions on the Cash transactions and withdrawals from ATMs and Banks. In an announcement, the RBI had hiked the weekly withdrawal limit from Rs.24000 to Rs 50,000. This limit upped will be in force from 20th of February.
RBI also stated that there would be no withdrawal limits on cash from savings account after March 13.The Reserve Bank said the currency in circulation is worth Rs 9.92 lakh crore as on January 27.After the Government’s decision of demonetization, RBI Imposed strict rules on cash withdrawals from banks and ATMs.
Earlier the ATM withdraw limit Rs. 2,500, later on, increased to Rs. 4000 and after that to Rs. 10000. The big news is until now the cap of withdrawing Rs.24,000 per week will be lifted post-march 13.
RBI’s latest announcement was a result of the increased cash circulation in the banks and a lesser number of queues at the banks as well as ATMs. The decision of complete lifting of the withdraw limit would give huge sigh of relief for ordinary people as well as small-scale merchants. The restrictions on cash transactions after November 8th will be ended completely after march 13.
The Current ATM Withdrawal limit is Rs.10000 per day and Rs.24000 per month. People who beared this 125 days long period of strict restriction imposed on their own money should be appreciated for their patience.