Demonetisation: When will the bank withdrawal limit be reviewed?

The government on Thursday discontinued exchange of old notes at banks, raising concerns about withdrawals from banks. The current withdrawal limit of Rs 24000 from banks is applicable till December 30.

Withdrawal Limit:

With the demonetisation drive the government put limits on daily and weekly withdrawals from banks on November 8. Subsequently, the daily limit was removed and a weekly limit of Rs 24000 was imposed on cash withdrawals from banks till December 30.

Also Read: Demonetisation: How govt rules changed as chaos increased

How long will the limit stay?

Top sources in finance ministry say that this limit has been imposed till December 30. But looking at the currency situation, this could be reviewed, before that date.

“We are constantly monitoring the situation. And we will take all steps to increase convenience of the common man,” economic affairs secretary Shaktikanta Das told HT.

But sources say that a limit on withdrawals is here to stay, even if the limit is increased after December 30.

In a surprise move Prime Minister Narendra Modi demonetised Rs 500 and Rs 1000 on November 8. The stated purpose of this currency culling is to crackdown on black money.