Reserve Bank of India announced today that bank customer can withdraw up to Rs. 24,000 per week from their bank accounts which also include the withdrawals from ATM machines. This is to be followed by the banks to continue giving Rs. 24000 per week to their customer till next announcement on withdrawal limit.
After the cancellation of old note of Rs 500 and Rs 1000 from November 9, 2016.
A sudden cancellation of old currency, created a big chaos in people and definitely it must be. Government has strategy to ban black money and nullify the duplicate currency which was being used by many anti national groups like terrorist groups.
The PM Modi addressed country with such big and extraordinary news. Some people were under impression that Rs. 500 and Rs 1000 notes are of no use after Modi call for old note currency to be banned. But later on notification from government were issued to make people understand. Before government’s this old currency band, people were aware Rs. 2000 note is supposed to be launched in market. But no one was aware other than launch of new note of Rs. 2000, another twist of ban of old notes is hidden. For past 2 weeks, people are struggling a lot but some people take this as positive step taken by Modi government while some other people are not supporting this action implemented by Modi government.
Opposition parties are against such step and due to this issue parliament were also remained halted during the session.
Exchange of Rs. 500 and Rs.1000 is completely stopped in banks. Also Rs. 1000 note is completely banned on OTC as well. But, still Rs. 500 note can be used in some of the places and department like school fees up to Rs 2,000 per student in central, state government, municipality and local body schools, Pre-paid mobile top-up to a limit of Rs500 per top-up, use at international airports for arriving and departing passengers up to Rs5,000, purchase of LPG gas cylinders, purchase of entry tickets monument maintained by the Archaeological Survey of India, payments towards fees, charges, taxes or penalties, payable to central or state governments including municipal and local bodies, at railway ticketing counters, bus ticket counters of government or public sector undertakings and airline counters at airports for purchase of tickets, purchase of tickets for suburban and metro rail travel.
By: Ashu Bisht