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Now you can withdraw Rs.50000 from your savings accounts
Posted on: 21/Feb/2017 11:11:23 AM
Stringent regulations were imposed on withdrawing cash after the demonetization. Now, the Reserve Bank of India has announced that from 20th February (Monday), cash up to Rs. 50000/- per day can be withdrawn from the bank.
It is worth noting that the reserve Bank of India had announced earlier that from 13th March all the restrictions on withdrawal of cash from ATMs and Savings Accounts will be withdrawn and the old system of free unlimited transactions would be back.
After the demonetization, RBI has been gradually increasing the upper limit for cash withdrawals. On 30th December, it raised the withdrawal limit to Rs. 24000/-.
On 16th January, the limit was increased to Rs, 10000/- per day from Rs. 4500/- per day.
Meanwhile, a petition was presented in the parliament to enact the legislation that anyone in possession of the old demonetized currency notes of Rs. 500/- and Rs. 1000/- will be asked to pay a penalty of Rs. 10000/- and was ratified.
Further, it was announced the people who were undertaking journey abroad during the demonetization period can exchange their old currency notes after submitting valid documents of proof until 31st March.
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