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New Delhi, Jan 16: Reserve Bank of India (RBI) raised the withdrawal limit for Current Account holders to Rs. 1 Lakh. The notification has been rolled out more than two months after Prime Minister Narendra Modi banned the nations’s two high value currency notes. The limit was earlier fixed at Rs. 50,000 per week. In its review, the central bank stated that it will include overdraft and cash credit accounts too.
In other reports, the Reserve Bank of India extended the limit of withdrawal from ATMs to Rs. 10,000 per week.
After the Prime Minister Narendra Modi announced demonetisation on November 8, last year, the withdrawal was fixed at Rs. 4000. However, for a brief period of time, the limit was revised to Rs 4500 but considering the huge demand, it was reduced to Rs 2500.
The withdrawal limits for Jan Dhan accounts was fixed at Rs. 10000 per month. The government alleged that it has observed deposits in Jan Dhan Accounts have mounted. It said that they were used to stash black money.
The government said that the move will help in curbing illicit drug trade and terror financing.
According to various media reports, more than 100 people were alleged to have died in their bid to withdraw money from various bank branches.
The government had to face stiff protest from opposition parties. The winter session was completely washed out in December last year. Former Prime Minister Manmohan Singh termed the move by NDA government as ‘Monumental Disaster’.
Following the move, leading credit ranking agencies including Standard & Poor devalued growth projections for GDP from 7.6 per cent to 7.3 percent.
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