No limit on cash withdrawal from March 13, says RBI
RBI's deputy governor also said that 9.29 lakh crore additional currency notes have been put in circulation.
Mumbai: The Reserve Bank of India (RBI) on Wednesday said the cash withdrawal limits on savings bank accounts would be completely lifted from March 13, 2017.
After reviewing the pace of remonetisation, the central bank decided to lift the restrictions in two phases. “Effective from February 20, 2017, the limit on cash withdrawals from the savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week. There will be no limits from March 13, 2017,” said R. Gandhi, RBI’s deputy governor. He also said that 9.29 lakh crore additional currency notes have been put in circulation.
This means hardship will continue but on a smaller scale till the Rs 15.44 lakh crore worth of currency sucked out of the system on November 8 is restored.