RBI (Reserve Bank of India) yesterday on 8th February declared new cash withdrawal limits from bank account and ATMs initiating from 20th February 2017. The account withdrawal limit will be lifted in two phases. Customers would be able to withdraw Rs.50000 per week as against the current limit of Rs.24000 per week. This will be the first face from 20th February and from 13th March onwards which will be the second phase; there will be no limit in the withdrawal on savings account.
The present limit of Rs.24000 had been raised last time on 1st February 2017 from the previous limit of Rs.10000. Now the will be raised to Rs.50000 from 20th February. And then effective from 13th march, there would be no limits prescribed by the RBI on cash withdrawals from savings accounts, said RBI deputy governor R Gandhi.
The limits on the cash withdrawals had been announced due to demonetization move by Prime Minister Narendra Modi on 8th November 2016. The 500 and 1000 rupees notes were scrapped from the economy and the new notes of Rs.500 and Rs.2000 were introduced. The value of scrapped noted amounted to Rs.15.44 lakh crore which was 86% of the total amount of money present in the economy.
The new notes had been introduced to the economy of Rs. 9.2lakh crore till earlier this month, said the RBI governor Urijit Patel. The total amount that was scrapped from the economy amounted to Rs.15.44 Lakh crore. Around 60% of the all the scrapped notes had been replaced till now.