As the physical currency notes in circulation diminish every day, the RBI (Reserve Bank of India) makes efforts to suck out liquidity by stabilising the market. Luckily, most of the fake currency of high denomination value (Rs. 500 and Rs. 1000) notes have been scrapped out from the market. Predicting that Indian economy is progressing towards stability with each passing day, the apex finance institute has finally decided to lift the ban imposed on cash withdrawal limits. The new withdrawal limit will come into effect very soon, says the bank.
The happiest news of the day comes for ATM users and senior citizens who were struggling with withdrawal limits on current accounts and ATM machines. The good news is the ban has been raised with immediate effect in the following conditions:
New Withdrawal Limit for ATMs and Current Bank Account
- The earlier imposed limit on daily ATM withdrawal has been removed. As per the new rules, the current limit of withdrawal is Rs. 10,000 per day (from a single card), as opposed to Rs. 4,500 earlier. The new rule will be operative within the existing overall limit set for the week.
- The earlier limit on withdrawing money from the current account was Rs. 24,000 per week per week. Seeing the distress of citizens, the government is likely to enhance the current account withdrawal limit to either Rs. 50,000 or Rs. 1,00,000 per week. The RBI hasn’t come up with a fixed number in this regard. However, there are rumours that the final limit will be fixed at Rs. 50,000 per week.This limit will also cover cash credit accounts and overdrafts.
No changes will be made to savings account withdrawal limit (which is Rs. 24,000 per week). As per sources, the new rules are likely to come to effect from this week.
This information came as a breath of relief for small businesses, marriage parties and households with patients. The decision will help resolve currency crunch in the market and relieve some pressure on the citizens.
