Cash withdrawal limit increased to Rs 50,000 from Rs 24,000 per week

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New Delhi:  As part of government’s plan the the remonetisation exercise is taking place fast as the withdrawal of the specified bank notes of Rs 5,00 and Rs 1,000 from circulation on November 8, 2016.

The Reserve Bank of India has floated a circular on February 8 stating the fact that it has now decided to remove the restrictions on cash withdrawals from Saving Bank accounts in a two-step process.

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However, the scheme will be effective from February 20, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week). Moreover effective from   March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.

Keeping the withdrawal norms from Savings Bank accounts in place RBI has partially restored the status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively.

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