Situations have become quite messy over the shortage of cash. Yes, people are not able to meet their needs, due to stringent withdrawal limits. People are getting frustrated now; so considering all this, the rules have been revamped now.
Yes, as per the reports that the ministry received from banks, states and other sources in the 1st week of this ban, it felt the need to increase the withdrawal limits. In 1st four days, around 21 crore transactions have been handled.
New withdrawal limits!
Now, the per day withdrawal limit from ATMs has been increased from Rs 2,000 to Rs 2,500. Moreover, the exchange limit was just Rs 4,000 and now, it has increased to Rs 4,500. Talking about over-the-counter withdrawal, the limit has been upped from 20,000 per week to Rs 24,000 per week. Moreover, people were quite worried about their major expenses because the daily withdrawal limit was just 10,000 and now, taking into consideration their concerns, the limit has been removed. This means you can even withdraw Rs 24,000 at once from Bank.
Above all, the finance ministry has also been advised to increase the issuance of debit or credit cards and mobile wallets so as to provide them greater ease for big transactions.
Here are the tweets by the Finance Ministry!
Banks advised to increase withdrawal limit from BCs to Rs. 2500, exchange limit over the counter increased to Rs. 4500 from 4000… 1/3
— Ministry of Finance (@FinMinIndia) November 13, 2016
… withdrawal limit from ATMs increased to Rs. 2500 from Rs. 2000, weekly withdrawal limit to Rs. 24000 from Rs. 20000… 2/3
— Ministry of Finance (@FinMinIndia) November 13, 2016
…and daily withdrawal limit of Rs. 10000 has been removed. 3/3
— Ministry of Finance (@FinMinIndia) November 13, 2016
This is definitely going to give a lot of relief to people, isn’t it? Do share your views in our comments section below.
