Good news for all of you! Modi government has given a perfect New Year gift and you will jump with joy after hearing it. Well, the ATM withdrawal limit has been increased from Rs 2,500 to Rs 4,500 and this would come into effect from the 1st of January.
We all were facing shortage of cash since the time Modi announced demonetization; Rs 2500 was not sufficient for many people, but now with the increase in limit, hope that things get sorted out.
Even though the ATM withdrawal limit has been changed, there are no changes in the weekly withdrawal limit i.e. Rs 24,000.
RBI issued a statement that read
“On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2500/- to Rs 4500/- per day per card. There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500.”
Arun Jaitley, the Finance Minister, stated that RBI has got enough currency printed and soon, the situation would be under control as supply will improve.
RBI has also stated that now, the disbursal to ATMs shall be in the denomination of Rs 500. This is indeed a great news, isn’t it? But wait, this might become a controversy very soon because Modi had promised that on 30th of December, the effect of demonetization would end. Why such restrictions even after that?
What’s your opinion on this? Do share your views in our comments section below.
