1. Demonetisation relief: As of today, you can withdraw Rs 4,500 from ATMs

Demonetisation relief: As of today, you can withdraw Rs 4,500 from ATMs

From January 1 onwards, people will be able to withdraw Rs 4,500 per day per card.

By: | Updated: January 1, 2017 2:29 PM
With the new year, here comes relief for people as the Reserve Bank of India (RBI) has increased the daily limit of cash withdrawal from bank ATMs. (Reuters) With the new year, here comes relief for people as the Reserve Bank of India (RBI) has increased the daily limit of cash withdrawal from bank ATMs. (Reuters)

With the new year, here comes relief to people as the Reserve Bank of India (RBI) has increased the daily limit of cash withdrawal from bank ATMs. From January 1 onwards, people will be able to withdraw Rs 4,500 per day per card.

According to the RBI circular, “On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2500 to Rs 4500 per day per card.” It further read that “there is no change in weekly withdrawal limits” and “such disbursals should predominantly be in the denomination of Rs 500.”

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Prime Minister Narendra Modi has surprisingly announced on November 8 to demonetise Rs 500 and Rs 1,000 currency notes to combat black money, corruption and fake currency from the economy besides shifting it to a cashless economy. This announcement followed by restricting cash withdrawal limit from banks and ATMs.

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With the announcement of note-ban, the PM gave a time period of 50-days to exchange the defunct currency notes from banks, which was ended on Friday, December 30. However, people still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing these currencies in their accounts by December 30.

Also, Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017.

The withdrawal limit from banks presently is Rs 24,000 a week.

  1. N
    Nidhi Hajwani
    Jan 1, 2017 at 9:25 am
    A cruel joke on the people of the country
    Reply

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