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Cash withdrawal limit raised to Rs 4,500 from ATMs

Cash withdrawal

Mumbai: With many a rules and instructions by the government and the Reserve Bank of India(RBI) after the demonetization move by Narendra Modi, a new rule has again been undertaken to ease the common man from the cash crunch scenario. The RBI on Friday has issued a notice stating that cash withdrawal limit from ATMs will be increased to 4,500 per day from the current 2,500 with effect from January 1 next year.

However, there has been no change in the weekly withdrawal limit, which stands at Rs 24,000, including from ATM, for individuals and Rs 50,000 in case of small traders.

Following demonetization of old Rs 500 and Rs 1,000 notes on November 9, limits had been imposed on withdrawal of cash from banks as well as ATMs.

Earlier in the day, the RBI had permitted White Label ATM Operators (WLAOs) to source cash from retail outlets. Most of the White Label ATMs are running dry since demonetization as the operators were facing difficulties in sourcing cash from their sponsor banks.

Friday was the last day to deposit the invalid currency notes in banks. However, people still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

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