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ATM withdrawal: Good news from Feb 1

The limits placed on withdrawal of money from ATMs following the November 8 demonetisation of Rs 1,000 and Rs 500 notes announcement made by Prime Minster Narendra Modi has been withdrawn. Initially the upper limit at ATMs was just Rs 2,500, and later it was raised to Rs 4,500.

On Monday to the relief many, the Reserve Bank of India (RBI) ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts with immediate effect as reported by several dailies.

The RBI said limits on ATM withdrawals will also go from Wednesday. But the curbs on Savings Bank accounts across the counter will remain.

“On a review of the pace of remonetisation, it has been decided to partially restore status quo ante. Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect. The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” the RBI said.

However, Trinamool Congress demanded that all restrictions on withdrawal of money should be done away with, even as Reserve Bank of India announced lifting of daily restrictions on cash withdrawals from ATMs as well as current accounts.

“Just tweaking rules will not do. Withdraw all restrictions on withdrawals. Yes all,” TMC national spokesperson Derek O’Brien said.

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