Withdrawal limits have been very tight since the time demonetization has been announced. People are facing great difficulties and aren’t able to cope up with such stringent limits.
However, on Monday, RBI eased this trouble with its latest announcement. It has increased the withdrawal limits from 29th of November, but no it is not applicable for everyone. 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.
This is the circular passed by RBI!
The notice reads;
1) It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
2) As it is impeding active circulation of currency notes, it has been decided, on careful consideration, 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 instance if you have deposited 5,000 in your account, out of which Rs 2,000 is old notes and Rs 3,000 is valid currency, the withdrawal limit will be upped by the amount that is deposited in valid currency. For instance, in this case it will be upped by Rs 3000 i.e. 24,000 + Rs 3,000 which is Rs 27,000.
So isn’t this great news? Do share your views in our comments section below…
