The Reserve Bank of India (RBI) has raised the daily ATM Cash withdrawal limit from the existing Rs 2500 to Rs 4500 a day for an individual which will be in effect from tomorrow that is January 1, 2017. However , the RBI did not change the weekly withdrawal limits , which is still Rs 24,000 from the banks.
This move from the RBI came on the last day of deposition of the unaccounted money (the scrapped Rs 500 & Rs 1000 notes) , people still have the time to exchange the bills at the specified RBI counters till the given extended time of March 31 , 2017.
RBI has directed the banks on ATMs withdrawals saying, “Disbursals of this kind should be predominantly done in the denomination of Rs 500”. Even the Finance Minister Arun Jaitley has said , “the RBI has got enough cash currency and its supply situation has been gradually improved.”
Prime Minister Narendra Modi came up with a surprise decision of banning the Rs 500 & Rs 1000 notes on November 8 which has sparked a lot of chaos and confusion among the citizens , with millions of them standing in queues outside the banks and ATMs to either deposit or exchange the old currency notes with the new one.
The government said that this move was implemented to root out the evils like black money , corruption and counterfeit notes in the country. Since then , the Banks have had started accepting the scrapped notes to be deposited in one’s account. It all started on November 10 , and was given a deadline of December 31 , which has now been extended to March 31,2017.
Now , even the ATMs have been re – caliberated to dispense the new Rs 500 & Rs 2000 notes. The situation of the banks has improved a lot , but the ATMs need a bit of catching up as many cash vending machines are running dry!
