1. Demonetisation: RBI allows fully KYC compliant Jan Dhan account holders to withdraw Rs 10,000 per month

Demonetisation: RBI allows fully KYC compliant Jan Dhan account holders to withdraw Rs 10,000 per month

The Reserve Bank of India on Wednesday made some new amendments to the withdrawal limits and said that the fully complaint KYC account holders may be allowed to withdraw Rs 10,000 in a month.

By: | Updated: November 30, 2016 10:22 AM
demonetisation, rbi demonetisation, demonetisation update, demonetiaion news, kyc account holders, demonetisation withdrawal limit, withdrawal limit reserve bank of india, reserve bank of india, financial express The RBI, however, stated that any further withdrawals might be allowed within the current applicable limits after ascertaining if such withdrawals were genuine. (Reuters)

The Reserve Bank of India on Wednesday made some new amendments to the withdrawal limits and said that the fully compliant KYC Jan Dhan account holders may be allowed to withdraw Rs 10,000 in a month. The RBI, however, stated that any further withdrawals might be allowed within the current applicable limits after ascertaining if such withdrawals were genuine. The RBI also noted that the non-KYC account holders would be allowed to withdraw Rs 5,000 in a month from the amount they had deposited through Specified Bank Notes (SBN) within the overall limit of Rs 10,000.

Earlier, Economic Affairs secretary Shaktikanta Das had briefed the media said that for over the counter exchange of Rs 500, Rs 1000 notes, the limit would be reduced from RS 4,500 to Rs 2000 from November 18. The Reserve Bank of India had also allowed the withdrawals of deposits made in current legal tender notes on or after November 29 beyond the current limits; preferably, available higher denominations bank notes of Rs 2000 and Rs 500 were to be issued for such withdrawals. RBI had also put a Rs 24,000 per week limit after on November 9.

Additionally, the central bank has also allowed banks operating currency chests to operate Chest Guarantee Scheme for Specified Bank Notes (SBNs)–CGSS if they have additional space. RBI Governor Urjit Patel had said the central bank is monitoring the situation on a daily basis and taking all necessary actions to “ease the genuine pain of citizens” with a clear intent to normalise the things as early as possible.

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