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RBI raises Withdrawal limit
By: Tupaki Desk | 14 Nov 2016 5:32 AM GMT
As expected, Reserve Bank of India (RBI) raised the withdrawal limit of money from Banks and ATMs. While the exchange of cash was raised from Rs 4,000 to Rs 4,500 per day, Withdrawal limit has been increased to Rs 24,000 from existing Rs 20,000. Whereas, Citizens were now allowed to withdraw Rs 2,500 from ATMs. Earlier, Only Rs 2000 per day was permitted.
The cap on bank deposit (Rs 2.5 lakh) remains unchanged. Even the December 30th deadline doesn't change either.
Reserve Bank Headquarters has already begun issuing new Rs 500 currency notes since Yesterday. This should come as a big relief for the janata as they weren't able to spend the Rs 2000 currency notes due to lack of Rs 500 notes with the traders.
Prime Minister Narendra Modi maintained demonetization is just the first step to wipe out Black Money. He hints further action on Tax Evaders after Dec 30th, 2016.
The cap on bank deposit (Rs 2.5 lakh) remains unchanged. Even the December 30th deadline doesn't change either.
Reserve Bank Headquarters has already begun issuing new Rs 500 currency notes since Yesterday. This should come as a big relief for the janata as they weren't able to spend the Rs 2000 currency notes due to lack of Rs 500 notes with the traders.
Prime Minister Narendra Modi maintained demonetization is just the first step to wipe out Black Money. He hints further action on Tax Evaders after Dec 30th, 2016.
