Reserve Bank of India (RBI) now made another move after demonetization, after the months-long struggle in getting back our money from ATMs, certain relaxations were now granted. RBI, however, lifted the cash withdrawal limit that existed since November.
According to the sources, these new rules will be implemented from Feb. 1 further complete norms will be lifted on branch withdrawals from the current account, cash credit and overdraft accounts with immediate effect.
Despite the relief in existing rules, the weekly withdrawal limit of Rs 24,000 will be further continued according to the notice released on Monday.
The statement read:
“On a review of the pace of remonetization, it has been decided to partially restore status quo ante, urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over to payments from cash mode to non-cash mode.”
Contrary to the regulations at the beginning, it must be noticed that the notes scarcity has decreased with RBI’s release of new 500 rupees notes in later instalments.
The verdict depicts that RBI has also removed all limits on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts with immediate effect. “The limits on Savings Bank accounts will continue to the present and are under consideration for withdrawal in the near future,” it said.