RBI Increases ATM Cash Withdrawal Limit To Rs. 10,000 A Day

The RBI has increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now. From current accounts, the amount that can be collected each week has been doubled to a lakh.Cash withdrawal limit increased to Rs. 10,000 per day.Weekly withdrawal limit of Rs. 24,000 per bank account remains unchanged.Weekly withdrawal amount for current accounts doubled to Rs. 1 lakh.

Limits of access to cash were declared on November 8 when Prime Minister Narendra Modi made the shock announcement that 500- and 1,000- rupee notes would be illegal just a few hours later. The demonetisation drive, he said, would check tax evasion, corruption and counterfeiting.

Finance Minister Arun Jaitley has pointed to improved tax collections to dismiss reports of economic disruption after the notes ban.

The Finance Ministry’s Statistics Office has predicted strong economic growth in the current fiscal year that ends in March. Gross Domestic Product is estimated to expand by an annual 7.1 per cent in the current fiscal year, slower than a provisional growth of 7.6 per cent in 2015/16. But the forecast does not fully take into account the impact of the notes ban.

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Source:Ndtv

RBI