No Limit on Cash Withdrawal from Feb 1- RBI

Soon after it was announced by Prime Minister Narendra Modi that highest currency notes will not be a legal tender, the common man of India faced numerous trouble. People all around the nation stood in long queues in front of banks and ATM's. The banks and ATM's remained closed for a day after the decision of demonetization was announced. After that, cash withdrawal limit was placed on transactions leading to a cash withdrawal of Rs 2000 per day. But according to the leading news aggregator, it is known that Reserve Bank of India has announced to withdraw limits placed on cash withdrawal from February 1, 2017. This is a good news for the people of India and they can get the desired amount of money through bank or ATM transactions. At present, the daily cash withdrawal limit from ATM's is Rs 10,000 per day. However, weekly transactions of Rs 24,000 will continue for now on savings account. On the other hand, there is no limit of cash withdrawal from current or cash credit accounts. 

The decision was taken by Reserve Bank of India on Monday after reviewing the pace of remonetization. The Central Bank has said that banks at their discretion have their own operating limits. The banks are encouraging their customers to go for cashless transactions than cash transactions as it will help controlling the problems of corruption and black money. Another major news that is coming along the way is about the note design approval. Recently, RTI has revealed that the new note design was approved in May, 2016. After the completion of the process of note making, Prime Minister Narendra Modi announced his decision of demonetization and new notes came into effect instantly. 

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