Mumbai, March 13: According to the announcement made by RBI Deputy Governor R Gandhi from Monday there will be no withdrawal limits which were announced after demonetisation. The announcement with regards to this was made by the RBI last month.
The withdrawal limits were relaxed in two stages. The first stage was implemented from February 20 when the weekly withdrawal limit per account was raised to Rs. 50,000 from Rs. 24,000. From Monday, March 13, there is no limits on ATM withdrawals.
The RBI had ended all limits on withdrawals from current accounts, cash credit accounts and overdraft accounts from January 30.
The withdrawal limits were put after Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes. The upper limit for withdrawals from ATM was put at Rs 2,000 initially which was later increased to Rs 4,500.
RBI had also raised the upper limit for weekly withdrawals from bank accounts to Rs 24,000 from Rs 20,000 in November itself last year. In January the daily ATM withdrawal limit was increased to Rs 10,000 and the current account withdrawal limit was doubled to Rs 1 lakh by the RBI.
For common man it will still take some time for the cash to be available in the ATMs as it was before demonetisation even though on paper the limits on withdrawals has been taken off.