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RBI increases withdrawal amount to Rs4500/day

On the 50th day of demonetization RBI announced increase in cash withdrawal limit from ATM kiosks to Rs4500/day with effect from January 1.

However, the RBI made no changes in the weekly withdrawal limits. The weekly withdrawal limit remains Rs24000 as earlier.

RBI in a statement said, “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.”

Prior to announcement by the RBI Finance Minister Arun Jaitley had said that RBI has enough currency and situation is improving significantly.

On November 8 Indian Prime Minister Narendra Modi had announced scrapping of highest denomination legal tenders including Rs500 and Rs1000 notes. Modi during the announcement had claimed that the scrapping of notes are being done to curb black money and cut supply line of terrorist and extremist groups active in the country.

Soon after the announcement a cap was put into force in withdrawal limits from ATM kiosks and bank and focus was given on cashless transactions.

The RBI also reminded people having old denomination notes can deposit them in RBI counters with valid reasons on Saturday.

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