Removal of restrictions after assessment by RBI: Jaitley

Tax dept not to hound small depositors: Jaitley
Tax dept not to hound small depositors: Jaitley

NEW DELHI: The RBI will remove restrictions on cash withdrawals after assessing market situation, Finance Minister Arun Jaitley said today even as he ruled out interfering with the conditions barring anyone other than NRIs and Indians returning from abroad from depositing the junked notes in select central bank branches.

“RBI will decide by assessing market situation. Many a time, actions are taken in phases, so relaxations are also done in phases,” he said when asked by when restrictions on cash withdrawals are expected to be removed.

Currently, an account holder is allowed to withdraw Rs 24,000 per week from the counters and Rs 4,500 per day from ATM.

The 50-day demonetisation exercise of depositing and exchanging of defunct Rs 500 and Rs 1000 notes closed on December 30.

To a question on people not being able to avail the facility due to some genuine reasons, the Finance Minister said this facility was available for everyone and he would not like to interfere with the criteria set by the RBI.

Without committing to any easing of the restrictions for those who failed to avail the window, he said: “People in large number have already exchanged. Only a few are left…We don’t go by… Whatever reason, the RBI has fixed their own criteria. At least, I will respect that criteria.” (AGENCIES)