All Restrictions to be soon withdrawn,says Shaktikanta Das
The exercise of remonetisation that began after scrapping of the old Rs 500 and 1,000 notes is “close to completion”said Economic Affairs Secretary Shaktikanta Das. It has been almost 90 days after the Prime Minister Narendra Modi announced demonetization on November 8.
There would practically be no restrictions. Since, only a few withdraw 1 lakh rupees in a month (24,000 a week), this restriction is yet to be removed.Thus, Das called this process ‘near-complete’.
He said in an interview,”All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time.”
He ensured that since the currency supply and its management are RBI’s responsibility and it would soon lift this limitation.
Timeline of cash withdrawal restrictions and their upliftments:
- Right after demonetisation: RBI had put withdrawal limit Rs 2,000 per day from ATMs. Rs 10,000 per week. Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week.
- Uptil the end of November: Limit relaxed to Rs. 24,000 per week. Daily limit remains intact.
- Early January: The cap further lifted to Rs 4,500 per day from ATMs, but weekly withdrawal limits retained .
- On January 16: RBI enhanced the ATM withdrawals further to Rs 10,000 daily. While the weekly limits kept at Rs 24,000.