Govt to ease cash withdrawal limit after banks receive 80 per cent of new notes

The restrictions on cash withdrawals will be first lifted in case of cooperative banks

Govt to ease cash withdrawal limit after banks receive 80 per cent of new notes

The central government is reportedly planning to ease restrictions on cash withdrawal limits after 80 per cent of new currency is introduced.

According to a top government official, the restrictions on cash withdrawals will be first lifted in case of cooperative banks and then for all the commercial banks, PTI reported.

In line with the demonstration of high denomination notes, the government has restricted the withdrawal limit from ATMs and banks. The withdrawal limit from banks is Rs 24,000 a week, including a maximum of Rs 2,500 from ATMs per day.


Moreover, traders are able to Rs 50,000 out of a current account and withdrawal of Rs 2.5 lakh has been allowed to bear marriage expenses.

The official also said the official banks in country have been stashed with 50 per cent of new currency notes as a replacement of demonetised notes and also the queues at banks and ATMs have reduced substantially.

"We could not print all the currencies in one go because we wanted the money to be channelised in the system first," he was quoted by the news agency as saying.

Meanwhile, NITI Aayog CEO Amitabh Kant announced on Thursday that government will be launching a Lucky Graahak Yojana from Christmas till April 14.

Describing the gesture  as Christmas gift to citizens from government, Amitabh added “This is imperative to make India a $10 trillion economy.”

He also announced a number of other schemes aimed to promote the use of digital transactions in the country and also moving to transactions using cards in the future.

Government also announced launching of Digi Dhan Vyapari Yojana to benefit merchants and announced mega prizes to the tune of Rs. 50 lakh, Rs. 25 lakh and Rs. 5 lakh for merchants which is likely to be announced on April 14. Also there will be  a weekly draw carrying cash prizes of Rs. 1 lakh, Rs. 10,000 and Rs. 5,000 for citizens, added Amitabh.