It’s been exactly one month, Modi decision to curb black money with demonetization move. But the situation is not in control yet. People are waiting in long line queues to withdraw money from banks and ATMs. However, the withdrawal limit keeps on changing from day to day because of cash shortage.

RBI has said people depositing money other than the old currency will now be allowed to take out that amount on top of the stipulated Rs 24,000 weekly limit. The currency exchange of old Rs. 500 and Rs. 1,000 notes are stopped after November 24 midnight. Now, here is the latest announcement from RBI on withdrawal limit from banks.

Limits On Drawing Money Not Permanent: RBI

The Reserve Bank of India (RBI) assured people on Wednesday that it has no plans to permanently put a cap on withdrawal limits, asserting that the money belongs to the people.

“It has been reported that certain depositors are hesitating to deposit their money into bank accounts given the current limits on cash withdrawals from accounts,” the RBI said.

“As it is impeding the active circulation of currency notes, it has been decided to allow withdrawals of deposits made in current legal tender notes on or after 29 November beyond the current limits,” it added.

“Because of the current withdrawal limits, people may be holding on to cash in new Rs 500 and 2,000 or Rs 100 notes,” a RBI official said.

If a person deposits Rs 10,000, of which Rs 6,000 may be in old currency and Rs 4,000 in new notes or another legal tender, he can withdraw Rs 4,000 any time in addition to the Rs 24,000 weekly limit, the RBI said.

RBI Governor Urjit Patel said there would be restrictions only during the transition process resulting from demonetisation. “The money in the bank is yours,” said Patel. “There are some controls on withdrawal, but only during this transition phase.”

RBI also confirmed that they are not printing new 1000 notes as per the circulations going around.

Also Read: RBI Announcement About New 100 Rs Notes