End of road for demonetisation: RBI says weekly limit on cash withdrawals to go from March 13

By: | Published: February 9, 2017 6:25 AM

The weekly limit on cash withdrawals from savings accounts will be eased progressively, being raised to Rs 50,000 a week on February 20 from R24,000 at present.

As remonetisation picked up pace, the central bank has progressively eased limits on cash withdrawals. On January 31, it had removed all limits on cash withdrawals from current accounts, cash credit accounts, overdraft accounts and ATMs.As remonetisation picked up pace, the central bank has progressively eased limits on cash withdrawals. On January 31, it had removed all limits on cash withdrawals from current accounts, cash credit accounts, overdraft accounts and ATMs.

The weekly limit on cash withdrawals from savings accounts will be eased progressively, being raised to Rs 50,000 a week on February 20 from R24,000 at present, and then removed completely on March 13, Reserve Bank of India (RBI) deputy governor R Gandhi said on Wednesday, reports fe Bureau in Mumbai.

As remonetisation picked up pace, the central bank has progressively eased limits on cash withdrawals. On January 31, it had removed all limits on cash withdrawals from current accounts, cash credit accounts, overdraft accounts and ATMs.

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Before that, on January 16, the limit on cash withdrawals from current, cash credit and overdraft accounts had been raised to R1 lakh per week from R50,000 earlier. The limit on withdrawals from ATMs had also been enhanced to R10,000 a day per card from R4,500 earlier.

The easing of cash withdrawal limits has resulted in a corresponding drop in digital transactions.

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