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RBI relaxes withdrawal limits for new currency deposits

withdrawal limits

Mumbai: Withdrawal limits from accounts that have deposits in new currency on or after November 29 have been eased by Reserve Bank of India. Higher denomination notes of Rs 2,000 and Rs 500 will be issued to such withdrawals, RBI authorities said on Monday.

The withdrawal limits had been narrowed to Rs 24,000 per week post demonetisation of old currency notes of Rs 500 and Rs 1,000. The limits are still valid for those depositing old currency notes in their accounts which will be accepted till December 30. However, the withdrawal limits have been relaxed for those depositing new legal tender in their accounts.

The move comes after reports of many not depositing legal tender for fear of limits on withdrawal, thus reducing active circulation of new tender.

“It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of current limits of cash withdrawals from accounts. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016, beyond the current limits. preferably, available higher denomination bank notes of Rs 2,000 and Rs 500 are to be issued for such withdrawals,” said P Vijaya Kumar, Chief General manager, RBI, in a circular.

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