Capping on the current ATM and Bank withdrawal amounts will be removed after December 30, ET Now reported on Monday. Currently, a maximum amount of Rs 2,500 can be withdrawn from ATMs in a day. While a maximum of Rs 24,000 per week can be withdrawn from bank accounts. Prime Minister Narendra Modi, in his historic decision to demonetise Rs 500 and Rs 1,000 notes, had announced that a maximum of Rs 2,000 can be withdrawn from ATMs. Later, the limit was extended to Rs 2,500.Similarly, people were allowed to withdraw a maximum of Rs 24,000/week from their bank accounts. There was no capping on the payments made through cheques and internet.
After a few days, keeping in view the trouble faced by common people, RBI allowed a withdrawal of Rs 2.5 lakhs for those who had marriages scheduled in their families. Long queues were seen outside ATMs and Banks as people not only rushed to get new currency but also to change the demonetised notes. Earlier, Finance Secretary Ashok Lavasa had on Friday said that withdrawal limit was to be reviewed after December 30, 2016, which happens to be the last day to deposit the old denomination currency of Rs 500 and Rs 1000 notes.
The Finance Ministry and the Reserve Bank of India have stepped up supply of currency notes to banks and ATMS to ease the cash crunch. Now, RBI is focussing to accelarate the flow of new 500 notes. Earlier, The government had expected the cash situation ease by December 30th. In a satement to media, Amitabh Kant, Niti Aayog CEO, had expected the situation to ease by mid-January.