Cash crunch ends: Starting today you can withdraw Rs 50,000 per week

The central bank on January 30, had cancelled the daily and weekly limits imposed on ATM withdrawals and from the current accounts from February 1.

With the shortage of the currency in the country, the RBI had ordered to put the limit on cash withdrawal. Photo: Reuters

From today, you can withdraw Rs 50,000 weekly from your savings account from the current limit of Rs 24,000 per week. There will be no limit on withdrawal from March 13, 2017.

The Reserve Bank of India had imposed the limitation on withdrawal of cash after Prime Minister Narendra Modi on November 8 had announced the ban on Rs 500 and Rs 1000 notes.

Hence, with the shortage of the currency in the country, the RBI had ordered to put the limit on cash withdrawal. But, with more new notes being pumped into the system, the apex bank has eased the limits.

On February 8, while speaking at a press conference post sixth bi-monthly policy review meet, the central bank's Deputy Governor R Gandhi had said, "The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages."

The central bank on January 30, had cancelled the daily and weekly limits imposed on ATM withdrawals and from the current accounts from February 1. But, that time it had kept the overall limit at Rs 24,000 in a week for savings bank account.

TAGS: