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Withdrawal Limit hiked to Rs 4500 from Jan 1st
By: Tupaki Desk | 31 Dec 2016 6:04 AM GMT
Reserve Bank of India (RBI) raised the withdrawal limit from ATMs to Rs 4,500 per day from January 1st, 2017. Post November 8th, RBI permitted withdrawal of either Rs 2,000 and Rs 2,500 per day from ATMs. The new move would address the cash crunch and reduce the queues at the ATMs.
However, The withdrawal limit per week remains unchanged at Rs 24,000 for individuals. This include cash withdrawn from Banks & ATMs. Whereas, Small Traders continue to use the facility of withdrawal upto Rs 50,000 per week.
RBI gave its consent for White Label ATM Operators (WLAOs) to avail cash from retail outlets. Sponsored Banks were unable to supply cash to White Label ATMs since the launch of demonetisation.
The last day for exchange of scrapped Rs 500 and Rs 1000 notes ended on December 30th. People could still exchange the old currency at specified RBI branches till March 31st, 2017.
However, The withdrawal limit per week remains unchanged at Rs 24,000 for individuals. This include cash withdrawn from Banks & ATMs. Whereas, Small Traders continue to use the facility of withdrawal upto Rs 50,000 per week.
RBI gave its consent for White Label ATM Operators (WLAOs) to avail cash from retail outlets. Sponsored Banks were unable to supply cash to White Label ATMs since the launch of demonetisation.
The last day for exchange of scrapped Rs 500 and Rs 1000 notes ended on December 30th. People could still exchange the old currency at specified RBI branches till March 31st, 2017.
