Headline

RBI: No limits on cash withdrawals through ATMs and Current A/Cs from today

RBI: No limits on cash withdrawals through ATMs and Current A/Cs from today : After the Demonetisation, it is a big relief to people and small businesses, that RBI has announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts from Wednesday but the weekly limit of Rs 24,000 on savings bank accounts will continue.

The Reserve Bank of India also promised to review the weekly limit in the near future depending on the pace of remonetization.

The cash withdrawal limit from ATMs stands withdrawn from 1st February 2017. The Reserve Bank of India said that on a review of the pace of remonetization, it has been decided to partially restore status quo ante.

Depending on the remonetization, the Reserve Bank of India also promised to review the weekly limit in the near future.

It is the big relief to the people after the demonetization. Now people can withdraw any amount of money from the ATMs machine without any limitation.  The people who have the current account in the banks, can also withdraw money without any limitation.

In the joint session of Parliament, on Tuesday, the President of India Pranab Mukherjee said that the decision of demonetization is good for the black money and for the undisclosed assets.