After the massive demonetisation drive, the Narendra Modi government might move to impose restrictions on your cash holdings and transactions to get an additional upper edge against curbing black money.
According to the latest CNBC-TV 18 report, the government is pondering over prescribing cash holding limits for individuals. As per the reports, the government is in the process of putting restrictions on cash transactions beyond Rs 3 lakh or 5 lakh. Additionally, the government may also consider on putting a hold on high-value cash withdrawals from banks.
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From November 13th, the government increased the cash withdrawal limit at ATMs to Rs 2,500 per day. Also, Banks are asked to increase the Cash Withdrawal limit at ATMs from Rs 2000 to Rs 2500 per day in the recalibrated ATMs (means ATMs which are now loaded with the new notes of Rs500 and 2000), other ATMs will continue to dispense Rs 50 and Rs 100 notes until they are recalibrated, the Finance Ministry said.
To expedite the process of recalibration of ATMs, a Task Force is being set up under Deputy Governor, RBI consisting of representatives of Banks and Finance Ministry.
This Task Force will draw up an action plan and will quickly work on other ATMs so that they can dispense the new Bank notes of Rs 500 and Rs 2000 and ease the worries of citizens across India.
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After seeing the inconvenience of people the government raised the exchange limit from Rs 4000 to 4,500 per day and also the limit for withdrawing money was increased to Rs 24,000 per week from Rs 20,000.
The new 1000 rupee note with added features will soon roll out in the market. The government is also setting up micro ATMs across the nation for smooth supply of money to all citizens.