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Monday, 14 November 2016

Cash Limit Exceeded: Cash Withdrawal Limits Eased

Cash withdrawal limits eased: The government on Sunday raised daily cash withdrawal limits from ATMs to Rs 2500 from Rs 2000 and eased other rules as Prime Minister Narendra Modi held a late night review meeting with Finance Minister Arun Jaitley and other officials on the fallout of “demonetisation”. The limit for exchanging old Rs 500 and Rs 1000 notes at bank and post-office counters have been raised from the existing Rs 4000 to Rs 4500. The weekly limit of Rs 20,000 for withdrawal from bank accounts has been increased to Rs 24,000. The existing daily cash withdrawal limit of Rs 10,000 from bank branches has been removed. The issuance of the new series of the Rs. 500 notes has already commenced. The government last Tuesday scrapped Rs 500 and Rs 1000 notes as part of the strategy to clamp down on India’s bustling parallel cash economy. New Rs 500 and Rs 2000 notes have been issued.

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