Reserve Bank of India has announced an increase in cash withdrawal limit from ATMs across the country which was set to Rs. 2,500. Now, people can withdraw up to Rs. 4,500 per day from January 1, 2017. The decision came after the end of due date for depositing old currency notes to banks which was December 30.
RBI have not made any changes to weekly withdrawal limit. One can withdraw only Rs. 24,000 in a week. Some major banks requested the government earlier to not to increase weekly withdrawal limit as there is still not enough currency in the banks.
“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. There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500,” stated RBI.
People can still exchange/ deposit their old currency notes by visiting any RBI branch across the country till MARCH 31. Before depositing, you should have a valid explanation on how you were unable to deposit it in banks in given time period as Government has recently passed an ordinance according to which holding more than 10 banned notes in any currency will be a crime. If caught, you will be fined Rs. 10,000 (minimum) or five times of the amount, whichever is higher.
Prime Minister Narendra Modi will address the nation on New Year’s Eve i.e. on Decemebr 31, 2016. He may discuss the impact of his demonetisation drive and may make some big announcements beside wishing Happy New Year.
