Withdrawal Limit To Go Up Once Banks Get 80% Of New Notes

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Mumbai: Highly-placed government officials on Thursday said that restrictions on withdrawal limits will be lifted once 80 per cent of new legal tender notes are remonetised back into banking system.

Presently, there is a cap of Rs 2,500 a day on withdrawals through automated teller machines. As far as withdrawals from banks through cheques are concerned, the limit has been fixed at Rs 24,000 a week.

PTI quoted the official as saying that as of now banks in country have been stashed with 50 per cent of new currency notes as a replacement of demonetised notes which is an indication that “remonetisation was happening gradually.”

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Apart from that, the withdrawal limit for traders was fixed at Rs 50,000 out of a current account and various other exceptions like withdrawal of Rs 2.5 lakh for bearing marriage expenses were allowed.