All limits on cash withdrawals from banks, ATMs removed

NEW DELHI, Mar 13: All limits on cash withdrawals from saving bank accounts were removed from today, bringing to an end the process of demonetisation set in motion by Prime Minister Narendra Modi on November 8 in a bid to curb black money and corruption.

According to a RBI notification issued last month, the weekly withdrawal limit per account had been raised to Rs 50,000 from Rs 24,000 with effect from February 20, and all limits on ATM withdrawals were to cease from March 13.

After the November 8 announcement of the demonetization under which Rs 1000 and Rs 500 notes were withdrawn, the RBI had put restrictions on withdrawals from ATMs and banks. It raised limits from Rs 2000 a day to Rs 4500 a day and then to Rs 10,000 a day while maintaining the overall weekly ceiling of Rs 2,400. But from February 20, the ceiling on withdrawals from saving banks accounts was raised to Rs 50,000 a week.

However, as part of the process of remonetisation, all kinds of limits on withdrawals from banks and ATMs have been removed from today. (UNI)

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