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From Jan 1st: RBI increases ATM withdrawal limit to Rs 4,500/day

RBI increased ATM withdrawal limit

Post demonetisation: The Reserve Bank of India has announced that the people can now withdraw Rs. 4500 on a daily basis and Rs. 24000 on a weekly basis. The RBI has increased the day and week limit in withdrawing the Cash from various banks. This new announcement by RBI will come into force starting from 1st January 2017 across the country.

The bank announced that the small business people can withdraw Rs. 50000 on a weekly basis. RBI released this latest notification on 30th December 2016 that is on Friday.The bank also announced that the people must withdraw cash in the denomination of Rs. 500 notes. On Friday, all the banks received this latest notification. Earlier, the banks restricted people to withdraw Rs. 2500 on a daily basis. However, the weekly limit is the same as previous.

RBI increased ATM withdrawal limit to Rs 4,500/day from Rs 2500/day: valid From Jan 1st, 2017

RBI increased ATM withdrawal limit
RBI increased ATM withdrawal limit

 The bank had made an official announcement that it would soon remove the cash limit until it receives adequate cash supply of new notes. The Chairman of SBI, Arundhati Bhattacharya said that it will take back all the restrictions once they have sufficient currency.

In order to prevent people from converting the black money into white money, the Lok Sabha passed the amendments to Income Tax Act on Tuesday. The Reserve Bank of India had closed the facility of exchange of specified bank notes for all the people on 30th December 2016. RBI said that all banks must send the data regarding the collection of specified bank notes on Friday itself via email. The people who deposit the old currency notes providing wrong details between 1st January and 31st March must pay a fine of Rs, 50000.  The problems of common people in withdrawing cash from various banks seem to end at least with the arrival of New Year.

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