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RBI increases weekly bank withdrawal limits from tomorrow

 Agencies |  2016-11-29 07:47:24.0  0  Comments

RBI increases weekly bank withdrawal limits from tomorrow

New Delhi: (UNI) The RBI has increased from tomorrow the bank withdrawal limits beyond Rs 24,000 a week set by the Government on the midnight of November eight following demonetisation.
These withdrawal can be done only after deposits made in the new notes of Rs 500 and Rs 2000 denomination, the RBI said in a circular here tonight.
It said the step was being taken to increase the circulation of money which has been impeded due to the hesitation and on the part of the people to make deposits following the curtailment on withdrawals.
The RBI circular noted. "It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts."
RBI further said, "As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or November 29,2016 beyond the current limits; preferably, available higher denominations bank notes of 2000 and 500 are to be issued for such withdrawals," the RBI circular said.

(UNI)

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