Advance Happy New Year to one and all; it’s time for showering gifts and PM Modi is all set to do so. Yes, Modi government has given a perfect New Year gift for all those Indian citizens who have respected his demonetization move and have switched to digital payments after the 8th of November.

Want to know what’s the gift by Government? Well, the ATM withdrawal limit has been increased from Rs 2,500 to Rs 4,500 and this would come into effect from the 1st of January.

As many people are facing the shortage of cash since the time Modi announced demonetization and also Rs 2500 was not sufficient, so the government came up with this new move. However, the weekly withdrawal limit of Rs 24,000 remains unchanged even as the 50-day demonetisation exercise comes to a close.

In an Official Statement, the Reserve Bank of India on Friday relaxed the daily ATM withdrawal limit to Rs 4500 from the earlier cap of Rs 2500.

RBI issued a statement that read,

“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.”

Arun Jaitley, the Finance Minister, stated that RBI has got enough currency printed and soon, the situation would be under control as supply will improve.

RBI has also stated that now, the disbursal to ATMs shall be in the denomination of Rs 500. This is indeed a great news, isn’t it? But wait, this might become a controversy very soon because Modi had promised that on 30th of December, the effect of demonetization would end. Why such restrictions even after that?

What’s your opinion on this? Are you feeling happy of this New Year gift by PM Modi Ji? Let us know your views in our comments section below.

News: Source

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