Since India PM Narendra Modi took the bold decision of Demonetization, people in the country have been facing a lot of problems to exchange the 500 and 1000 notes in the banks and get new notes of 500 and 2000. The RBI has also put few instructions in withdrawing and exchanging the money in banks.
Thus, the withdrawal limits have been very tight since the time demonetization has been announced. People are facing significant difficulties and aren’t able to cope up with such stringent limits. Each and every citizen were asking to extend the limits of withdrawal in banks and ATMs.
Hence, the RBI came to know all these problems and received with an announcement to relief people’s problems. On Monday, RBI eased this trouble with its latest report. It has increased the withdrawal limits from 29th of November, but it is not applicable for everyone.
Also Watch: RBI Releases Half-Printed Notes, Netizens Slams Demonetization
It is only for those who deposit valid currency (New notes) in their bank accounts. Earlier the withdrawal limits were set at Rs 24,000 per week & now if you want to exceed this limit, you will have to deposit legal currency in your account. RBI had to take this decision because there are many people, who hesitate to deposit cash in their accounts owing to withdrawal limits.
The notice reads:
1) Certain depositors are hesitating to deposit their money into bank accounts in view of the current limits on cash withdrawals from accounts.
2) 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 November 29, 2016, beyond the current limits; preferably, available higher denominations bank notes of 2000 and 500 are to be issued for such withdrawals.
For example, you have deposited 5,000 in your account out of which 2,000 is old notes and 3,000 is valid currency, the withdrawal limit be upped by the amount that is deposited invalid currency. Thus, it will be upped by 3,000 i.e. 24,000 + 3,000 which is 27,000.
Also Read: Withdrawal Limits In Detailed
So, what do you say about this announcement? Do share your views with us in the comments section below.