Cash withdrawal and deposit rules as of 30 January

The Reserve Bank of India (RBI) on Monday removed cash withdrawal limits from ATMs from 1 February. In a notification, RBI also said limits on current account and overdraft accounts stand withdrawn with immediate effect. However, cash withdrawal limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future, RBI said in its notification.

The cash withdrawal limit at automated teller machines (ATMs) was earlier enhanced to Rs10,000The Reserve Bank of India (RBI) on Monday removed cash withdrawal limits from ATMs from 1 February. In a notification, RBI also said limits on current account and overdraft accounts stand withdrawn with immediate effect. However, cash withdrawal limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future, RBI said in its notification.

The cash withdrawal limit at automated teller machines (ATMs) was earlier enhanced to Rs10,000 per day per saving bank account on 16 January. The limit was set within the existing overall cash withdrawal cap of Rs24,000 per week per account at both banks and ATMs.

One more chance to deposit Rs 1000 notes

Good news for all those who missed the chance to exchange their old currency, if reports to believed, Reserve Bank of India may allow citizens to deposit their scrapped Rs 500 and Rs 1,000 banknotes but with a condition that exchange would be for a limited sum.
RBI has been receiving queries and requests from people who failed to deposit all their scrapped notes within the deadline, seeking relief, sources said.
This time exchange amount could as small as Rs 2,000… the issue is being looked into and another window for the genuine people,” the source said.
Many people were discovering scrapped notes tucked away somewhere. Interestingly, one of the queries which RBI received was from a person who found a Rs 1,000 bill in a book.
If exchange window opens this would be only for smaller sums and for a limited period so that it could not be misused.
(News24 Bureau)