The Reserve Bank of India on Friday night raised the daily ATM withdrawal limit to Rs 4,500 per card effective January 1, 2017, from Rs 2,500 at present. “On a review of the position [availability of cash], the daily limit of withdrawal from ATMs has been increased...Such disbursals should predominantly be in the denomination of Rs 500,” the central bank said in a circular.
However, there is no change in the weekly withdrawal limit of Rs 24,000 per account, which includes the cash withdrawn at ATMs, as per a notification dated November 25.
The relaxation on ATM restrictions comes as a relieve as the December 30 deadline to deposit the demonetised Rs 500 and Rs 1,000 notes at banks has passed. Citizens can now deposit the scrapped bills only at the RBI till March 31, after which they will face a minimum penalty of Rs 10,000 for possessing more than the same amount of the high-denomination currency.
Earlier on Friday, the RBI had directed banks across the country to submit reports with details about the collection of specified bank notes – Rs 500 and Rs 1,000 – by the end of the business day on December 30. It enabled reporting of transactions in Integrated Computerised Currency Operations and Management System at 9 pm to accommodate receipt of all deposits.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!