The limit on cash withdrawals from savings bank account has been lifted from Monday. Till March 13, there was a cash withdrawal limit of up to Rs 50,000 per week on savings accounts. India Lost 11 Billionaires After Note Ban On November 8, last year, Prime Minister Narendra Modi had announced banning the use of high denomination currencies of Rs 500 and Rs 1000 notes, in the country.
Then RBI issued notification regarding fixation of a limit on the cash withdrawals from banks and ATMs to stabilize the flow of currencies. On February 20, the cash withdrawal limit for savings accounts was raised to Rs 50,000 from Rs 24,000 a week. Indian Currency Demonetization: Advantages and Disadvantages The Reserve Bank of India, on January 30, issued a notification announcing that from March 13 all limits on cash withdrawal from savings accounts will be removed.
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