26. February 2018 NEW YORK43°F

Relaxation on Withdrawal of cash from bank deposit accounts

The Reserve Bank of India on Monday announced relaxation on withdrawal of cash, after the demonetization of Rs.1000 and Rs. 500. The cash withdrawal limit per person per week is Rs.24000. While withdrawal relaxation is only applicable on the current legal currency (Rs.10, Rs. 50 and Rs.100) deposited in the bank on or after November 29, 2016, beyond the current limit; The withdrawal is applicable only through cheque at the bank counter and not at the ATMs. Rs.2000 and Rs.500 only will be given for such withdrawals.

The decision came after the RBI reviewed the position regarding availability and distribution of all denomination of bank notes. The current limit was disrupting the circulation of currency notes in the economy and so this decision was taken considering the situation.RBI also release the latest figure on the exchange and deposit made till November 27th, which is amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore).

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