Since the time the government declared demonetization of Rs 500 and Rs 1000 notes, people were struggling a lot. Their cash needs were hardly being met, because there were long queues in banks and outside ATMs. Everything went haywire and even banks weren’t able to fulfill the cash demands.
Withdrawal limits were imposed; yes, people had no option and had to follow the daily ATM withdrawal limit of Rs 10,000. In the start, the limit was Rs 2000, which was further raised to Rs 2500 and eventually Rs 4,000.
However, we have some awesome piece of news coming in from the government. In the recent announcement by RBI, it has been declared that from the 1st of February 2017, there would be NO WITHDRAWAL LIMIT. Yes, the daily limit of Rs 10,000 will finally be cancelled.
Not only would the ATM withdrawal limits be cancelled, but even limits on withdrawing cash from credit accounts, current accounts and overdraft accounts will be cancelled. Thanks to Modi government for this!
But there’s one sad news; withdrawal limit on saving bank accounts would stay as it is; but its withdrawal is being considered and very soon the final decision would be taken.
The central bank has said that the banks may at their discretion have their own operating limits. The withdrawal on limits has indeed come as a relief for everyone, isn’t it?
What’s your take on this? Do share your views in our comments section below.
