Reserve Bank of India raises weekly cash withdrawal limit to Rs 50,000
As the first phase, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20
As the ATMs in the country are running out of money, The Reserve Bank of India on Wednesday announced to revise the weekly limit on cash withdrawal from savings accounts in two stages, starting from February 20, which is considered as a welcome move by the central bank.
As the first phase, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20. And from March 13, there will not be any limit on cash withdrawal from savings accounts, said RBI.
At present, Rs 24000 is the weekly limit for savings accounts. The central bank also said that total currency worth Rs 9.92 lakh crore was in circulation on January 27.
They added that both the new currencies of Rs 2000 and Rs 500 are difficult to copy for forfeiters. "The ones being found fake are photocopied and not printed versions of new notes," the central bank said.
The cash withdrawal limit from bank accounts was implemented in the wake of demonetisation decision of Prime Minister Narendra Modi on November 8.