All restrictions on cash withdrawal limit from bank accounts removed from today
Cash withdrawal Limit Removed
The restrictions placed on cash withdrawal limit from bank accounts after Centre’s demonetisation drive on November 8, 2016 was completely removed today.
The Reserve Bank of India had announced last month that the all caps on cash withdrawals would end on March 13.
The limits were imposed after Prime Minister Narendra Modi announced the decision to scrap 86 per cent of total currency in Rs 500 and Rs 1000 notes, around Rs 15.44 lakh crore, on November 8, creating huge cash crunch across the country.
The limits were gradually eased to Rs. 50,000 per week on February 20.
“Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts,” the RBI had said in a notification on February 8.
The RBI had already removed restrictions on cash withdrawals from Current accounts on January 31, 2017.
The central bank is yet to provide final figure on how much of the demonetised currency has been deposited in banks after demonetisation was announced.
Last month, the apex bank said it was yet to collect all the data.
It said that all the centres of the RBI are yet to send the data on old notes and NABARD has also not provided with the data on deposits in cooperative banks. The data on notes in circulation in Bhutan and Nepal is also not been collected, the RBI said.
Along with all these data and deposits made by NRIs after December 30, 2016 deadline will it be able to tell how much old notes are back in banks, the RBI said.