Cash withdrawal limit from ATMs of Rs 4500 a day from January 1
Friday was the last day of 50-day window to deposit demonetised notes in banks, and even then long queues were seen at bank branches and ATMs.
As a new year celebration relief, 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, RBI has clarified that the weekly withdrawal limits stay the same at Rs 24,000.
"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," said RBI in a statement.
Earlier on Friday, Finance Minister Arun Jaitley had said that RBI has enough currency and situation of cash supply has improved significantly.
It is to be noted that December 30, Friday was the last day of 50-day window to deposit demonetised notes in banks, and even then long queues were seen at bank branches and ATMs.
However, public still has time to exchange its old currency at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.