Withdrawal Limit Will Be Rs.10000 Per Person Per Day
Limit To Be Extended To 10000 Per Person Per Day
After all the long waited lines at the ATMs, statutory norms for deposits and withdrawals, now the government granted relief to the citizens by lifting the restrictions on cash withdrawal, the notification stated:
“The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card.”
As it is assumed that right after the corrections in the existing issues and tackling the whole situation, the government may remove all restrictions on cash withdrawal through cheques.
It is believed that the cash withdrawal from ATM will be lifted following the imposition of new rules on Banks.
Presently, an account holder can withdraw no more than 50,000 rupees per week, that too through cheques. Now when it comes to the saving account, one can withdraw only 24,000 rupees per week.
However, the withdrawal limit is increased to Rs 10,000 per day and the total withdrawal per week remained Rs 24,000.
Prime Minister Narendra Modi shocked the whole country on demonetizing the 500 and 1000 rupee notes on November 8th, following the chaos and unrest, only a mere progress is observed till now.
Right after the 50 days of the announcement, the Reserve Bank of India increased the daily cash withdrawal limit of Rs 2,500 per card to Rs 4,500 from ATMs. Meanwhile, the weekly withdrawal limit of Rs 24,000 through cheques at bank branches remained unchanged.