Tuesday, 29 November 2016

RBI to relax cash withdrawal limits on or after Tuesday

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The Reserve Bank of India late Monday issued a notification relaxing current cash withdrawal limits of legal tender notes at banks and ATMs on or after November 29. New Rs 2,000 and Rs 500 will be issued for such withdrawals. The RBI, however, didn't specify the revised cash withdrawal limit. "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 Rs 2,000 and Rs 500 are to be issued for such withdrawals," RBI said in a statement.

The notification is being viewed as a relief from the central bank ahead of salaries that companies credit to employees. Meanwhile, RBI said banks across the country have received Rs 8.45 lakh crore from demonetisation during November 10 and November 27. Citizens withdrew Rs 2.17 lakh crore from accounts over the counter or via ATMs during the period while amount exchanged from old notes to legal tender is Rs 33,950 crore, RBI said. Amount deposited in banks is Rs 8.11 lakh crore during demonetisation, it added.

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