RBI cancels money withdrawal restrictions
Yesterday, restrictions towards cash withdrawal from bank account is said to be completely withdrawn. On 8th November 2016, government has made restricted withdrawal limit at the currency demonetization.
All caps imposed on cash withdrawal made nil on 13th March, RBI stated in previous annoucement.
The chaotic demonetization
Demonetization announcement came to be a nightmare to each and every Indian. About 86 percent of currency notes of Rs 1000 and Rs 500, demonetization has resticted withdrawal limit from banks. About 15.44 lakh crore worth notes were demonetized which results in very huge cash crunch.
On 20th Feburary, limit was further eased upto Rs 50,000 per week. From 13th March 2017, yesterday, there will be no limit on cash withdrawal from savings account, RBI notification is said to be dated on 8th February reads.
On 31st January, the cash withdrawal limit from current accounts was withdrawn. Apex bank announced that its yet to gather data. RBI centers are yet to share data on old notes. Data deposits at cooperative banks is awaited at NABARD. RBI jas stated about note circulation in Nepal and Bhutan are not collected too.