On Saturday, the Reserve Bank of India has declared a new withdrawal limit from ATMs. The revised amount is Rs. 4,500 per day from January 1st. The previous limit was Rs. 2,500 from the ATMs. But even with the revised limit, the limit for cheque withdrawal stays at Rs. 24,000.
The statement released by the RBI said, “On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs. 2500/- to Rs. 4500/- per day per card. There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500.”
On Friday, the Union Finance Minister Arun Jaitley announced that RBI has enough cash reserves and that the cash situation has improved significantly.
December 30, Friday, was the last to deposit the demonetised notes in banks. From January 1st to March 31st all the scrapped notes have to deposited in the RBI with details of the income. While long queues were expected at ATM’s and Banks, the situation was quite different with scarce people.
Also, an ordinance states that after March 31st anyone possessing the scrapped notes of Rs. 500 and Rs. 1000 will be punishable under law and attract heavy fines. From January 1st to March 31st, if the possession of demonetised notes is higher than a specified limit, it could attract a jail term.
A total of Rs. 15.54 lakh crores has been deposited in the banks till date in form of demonetised currency. It is estimated that an amount of 2.46 lakh crores of Demonetisation will not be deposited in the banks and will go missing from the circulation.
