Reserve Bank of India: No restrictions on money withdrawal from Automatic Teller Machines (ATMs) removed from 1st of February, 2017

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The restrictions imposed post the Prime Minister’s 8th November, 2016 national address, over  money withdrawals from bank branches and automatic teller machines or ATM’s have finally been revoked by the central bank from the 1st of February, 2017. The central bank’s notification has not removed the twenty four thousand rupees weekly withdrawal limit from saving bank accounts of the account holders. 

The RBI notification reads as “Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above”.  All restrictions imposed on money withdrawal from current, credit and overdraft accounts stands withdrawn. 

The circular states that “The banks have been urged to encourage their constituents to sustain the movement towards digitization of payments and switching over of payments from cash mode to non-cash mode.”  The restrictions were imposed by the government and the central bank to stabilize the money flow in the economy during the demonetization period. The introduction of the new currency in the form of five hundred and two thousand notes into the economy held in the removal of such restriction.

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