The central bank of India RBI has decided to escalate the cash withdrawal cap from ATMs to Rs 4,500 per day from the present Rs 2,500 from January 1. However, there is no alteration in the weekly withdrawal limits that stays 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 sufficient currency. It also added that circumstances of cash supply have improved considerably. Notably, Friday was the last day to deposit demonetized notes in banks. Lengthy queues were seen at bank branches and ATMs.
However, people still have time to convert the currency notes at designated RBI counters till March 31. But then, they also have to give valid reasons for not depositing redundant notes in their accounts by Dec 30.
Recently, the government also introduced an ordinance that makes possession of more than 10 old notes of Rs 500 and Rs 1,000 illegal and punishable offence.