ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

RBI eases withdrawal limits for deposits made in legal tender

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
RBI eases withdrawal limits for deposits made in legal tender
Additionally, RBI has also allowed banks operating currency chests to operate Chest Guarantee Scheme for Specified Bank Notes (SBNs) CGSS if they have additional space. Image Source: Reuters

To encourage people to deposit valid currency notes in banks, Reserve Bank of India (RBI) on Monday said bank customers would be able to withdraw deposits made in current legal tender notes beyond the current limits, a move aimed at increasing currency circulation in system.

For example, if someone deposits valid legal tenders (Rs 2,000, Rs 500, Rs 100, Rs 50, Rs 20, Rs 10, Rs 5) of Rs 4,000, the withdrawal limit for that person would rise by Rs 4,000 over and above weekly withdrawal limit of Rs 24,000.

For current accounts, the withdrawal limit is Rs 50,000 a week for small traders.

In a late evening circular, the Reserve Bank of India (RBI) said that it has been reported that "certain depositors are hesitating" to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.

"As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016, beyond the current limits;"

ALSO READ: RBI allows banks to park old currency notes at district chests

"Preferably, available higher denominations bank notes of Rs 2,000 and Rs 500 are to be issued for such withdrawals," the Reserve Bank said.

After the withdrawal of legal tender character of old Rs 500 and Rs 1,000 notes from November 9, a Rs 24,000 per week limit (including from ATM) on withdrawal has been put in place.

Additionally, RBI has also allowed banks operating currency chests to operate Chest Guarantee Scheme for Specified Bank Notes (SBNs) CGSS if they have additional space.

However, they can do so if the additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.

Requisite approval for operating CGSS will be granted by RBI Regional Office concerned, on receipt of request from any bank, it said.

On Sunday, RBI had allowed banks to park such currencies at currency chests at the district level so as to decongest the storage facility.

A currency chest operating at the point to be called Designated Chest (DC) will be required to operate a separate vault -- to be named Chest Guarantee Vault (CGV) -- as an extended arm of it, it had said. 

ALSO READ: RBI introduces incremental CRR to manage excess liquidity

   

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
RBIEconomywithdrawal limitsCurrency notesReserve Bank of IndiaSpecified Bank NotesChest Guarantee VaultChest Guarantee Scheme
Written By: PTI
Updated: Tue, Nov 29, 2016
09:13 am
Mumbai , PTI
RELATED NEWS
RBI allows banks to park old currency notes at district chests RBI allows banks to park old currency notes at district chests
RBI taking steps to ease genuine pain of citizens: Urjit Patel RBI taking steps to ease genuine pain of citizens: Urjit Patel
RBI introduces incremental CRR to manage excess liquidity RBI introduces incremental CRR to manage excess liquidity
RBI survey says bank credit growth at a 'sluggish' 8.6% in June RBI survey says bank credit growth at a 'sluggish' 8.6% in June
Urjit Patel has sacrificed RBI's autonomy: Congress Urjit Patel has sacrificed RBI's autonomy: Congress

LATEST NEWS

Financial New Year 2023: Wishes, messages, quotes, status, images, greetings to share

April Fool's Day 2023: Wishes, jokes, images to share on WhatsApp; prank ideas to try on friends and family

Happy April Fool's Day 2023: Wishes, WhatsApp messages, ideas, jokes, tricks, pranks, images for you and your friends

Shehzada OTT release date: When and Where to watch Kartik Aaryan and Kriti Sanon's family drama

Should you buy, sell or hold SBI Card, BEL, Vedanta, Infosys, TCS, Wipro and other stocks in focus today?

Utkala Dibasa, Odisha Day 2023: Best Wishes, Messages, Images, Significance, Know why it is celebrated

Small savings schemes: Govt raises interest rates by up to 0.70% for April-June 2023 quarter - Check new rates

India ready for rupee trade with countries facing currency crises: Commerce Secretary

Foreign Trade Policy 2023: Piyush Goyal unveils new policy, aims $2 trillion exports by 2030

Kamada Ekadashi April 2023: Know date, time, vrat katha, tithi, shubh muhurat, puja vidhi and ritual of Chaitra Shukla Ekadashi

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV