RBI Removes Cash Withdrawal Limit from February 1
The Reserve Bank of India today announced the removal of cash withdrawal limit from bank accounts and ATMs February 1st onwards. The limits are removed from the current account, cash credit accounts and overdraft accounts only. The limits on saving banks remain the same. RBI has not updated when the limit will be removed on saving banks accounts
This is the biggest relief to business class post demonetization. RBI also said the banks might have their discretion in limiting the withdrawal.Recently RBI also declined the request of election commission on removing the withdrawal limit for candidates contesting in elections being held in five states.
RBI also has not released any update on how much money it received in the old notes or how much of the false note are present in the money received.