The Reserve Bank of India (RBI) is set to lift completely from March 13 the cash withdrawal limits imposed in the wake of the November 8 demonetisation of high-value currency notes. The RBI said the remonetisation process was well under way.
From February 20, cash withdrawal limits for savings account holders will increase to Rs 50,000 a week from the existing Rs 24,000.
This would mean savings account holders can withdraw Rs 50,000 from automated teller machines in one go, if their banks allow it. Banks typically set daily limits for their customers for withdrawal from ATMs.
The RBI had earlier lifted cash withdrawal limits for current and cash credit accounts. Limits on ATM withdrawals were also changed to reflect the limits on withdrawals from bank counters at the time.
“In line with the pace of remonetisation, it has been decided to remove these limits in two stages,” RBI Deputy Governor R Gandhi said in the post-policy interaction with the media. “Notes in circulation, as on January 27, were Rs 9.92 lakh crore, comprising all denominations.”
On the number of new Rs 500 and Rs 2,000 notes in circulation, RBI Governor Urjit Patel said: “We usually don’t give that information out.”