Withdraw as Much as You Want from Mar 13
₹ Removal of withdrawal limit to be implemented in two phases as supply of cash improves: RBI
Mumbai: The Reserve Bank of India will remove caps on cash withdrawals from savings bank accounts in two phases, taking awayallrestrictionsoncashwithdrawalson March 13 as it expects enough currency notes to be in circulation by then.
In the first phase, the weekly withdrawal limit will be raised to ₹ 50,000 from ₹ 24,000 effective February 20, the central bank said on Wednesday.
As of now, farmers are allowed to withdraw up to ₹ 50,000 a week, and people can up to ₹ 2.5 lakh a week for marriage purposes. There is no limit on cash withdraw- al from current account.
Restrictions on cash withdrawals were introduced after the government decided to ban ₹ 500 and ₹ 1,000 notes.
As on January 27, RBI said the currency in circulation is worth ₹ 9.92 lakh crore. This is about 57% of approximately ₹ 17.50 lakh crore that was in circulation before demonetisation on November 8.
RBI did not give out any fresh estimates of banned notes that have returned as it expects more deposits in old currency notes. The last date for depositing old currency notes was December 31, 2016, but the central bank has allowed NRIs to deposit their old currency notes till March 31.
RBI is also awaiting data on deposits from Nepal and Bhutan as well as deposits in cooperative banks.
“Thecountingof notesisgoingon,”saidSS Mundra deputy governor, RBI. “After 30th December we had asked banks to calculate theamountof oldcurrencythathascomein, after that a RBI team also checked it on a sample basis that process is over. The physical reconciliation of cash is still going on that will be hopefully over soon.”