PM announced: Cash withdrawal limit jumps from Rs 2,500 to Rs 4,500!
Till now one can withdraw only Rs 2,500 from ATM’s but now Prime Minister extended the amount of withdrawal from ATMs . The Reserve Bank Of India has decided to increase the cash withdrawal limit from ATMs to Rs 4,500 per day from the present Rs 2,500 with effect from January 1.
However, there is no change in the weekly withdrawal limits, which stays at Rs 24,000. RBI said in a statement that “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.”
Earlier it was said by Finance Minister Arun Jaitley that RBI has enough currency and situation of cash supply has improved significantly.
Friday was the last day of depositing banned notes of 500 and 1000 in banks. From last 50 days long queues were seen at bank branches and ATMs. Now people can exchange the currency notes at
at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.
Apart from this, government has come out with an order making possession of old Rs 500/1,000 notes beyond a specified limit as illegal and punishable.
Prime Minister Narendra Modi made a shocking announcement on November 8 declared the Rs 500 and 1,000 notes invalid.