RBI increased cash withdrawal limit from ATMs, here is all you need to know
Cash withdrawal limit from ATMs increased, now you can withdraw 10,000
Demonstration had created a lot of problems for the common people. But now it seems that Prime Minister Narendra Modi is slowly and steadily coming with handy solutions for all of us. From today, one can withdraw 10,000 from the ATMs. Earlier, withdrawal limit was Rs.4000, but now you can withdraw 10,000 from ATMs located nearby your house. The Reserve Bank of India (RBI) has increased cash withdrawal limit from ATMs. However, the weekly withdrawal limit remains unchanged at Rs. 24,000. Apart from this, the limit on withdrawal from current accounts has been increased to Rs. 1, 00,000 a week from Rs. 50,000. The new limit applies to overdraft and cash credit accounts too.
After demonetisation Reserve Bank of India had placed limits on cash withdrawals following the demonetisation of Rs.1, 000 and old Rs.500 notes on November 8 last.
Demonetisation: A phase of standing in queues
Related: ATM Withdrawal & Currency Limit Increased: Government
Demonstration had made everyone stand in queues. Lot of elderly people lost their life. The acute cash crunch came as a huge problem for everyone. Prime Minister Narendra Modi said that demonstration drive, would check tax evasion, corruption and counterfeiting but it created a lot of problems for a common man.
A huge cash crunch followed, driving millions of Indians into long lines at banks, and the PM in an emotional speech asked for “just 50 days” till December 30 to resolve problems. Although after we just make entry into New Year we also witness some ease in money flow but opposition is continuously accusing BJP for the poor implementation of the order. Finance Minister,Arun Jaitley has pointed to improved tax collections to dismiss reports of economic disruption after the notes ban
Demonstration has also come up with lots of benefits too. The Finance Ministry’s Statistics Office has predicted strong economic growth in the current fiscal year that ends in March. Gross Domestic Product is estimated to expand by an annual 7.1 per cent in the current fiscal year, slower than a provisional growth of 7.6 per cent in 2015/16. But the forecast does not fully take into account the impact of the notes ban.
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