New Delhi: In a relief to the general public and small businesses, the Reserve Bank of India (RBI) on Monday lifted restrictions on daily withdrawal of money from ATMs starting February 1 and current accounts with immediate effect.
However, the weekly limit of cash withdrawal of Rs 24,000 on savings bank accounts will continue for some more time.
The RBI’s decision to end cash withdrawal limit on current accounts and overdraft accounts comes as a big relief to businesses.
The RBI has asked banks to fix their own limits on cash which can be withdrawn from ATMs in a day, as was the case before November 8, 2016, when the government junked high denomination currency notes of Rs 500 and Rs 1,000.
Meanwhile, the Election Commission (EC) is now likely to ask candidates contesting Assembly polls in five states to open current accounts to tide over currency crunch in meeting election expenses.
This will thaw tension brewing between the EC and the RBI over enhancing the cash withdrawal limit for candidates to Rs 2 lakh per week.
The EC had written an angry letter to the RBI expressing its displeasure to the Central bank for rejecting its request to enhance the cash withdrawal limit.
The issue was threatening to blow up as there was a possibility of the EC issuing a direction to the RBI under Article 324 of the Constitution to comply with its order to enhance cash withdrawal limit.
The RBI said on Monday that on a review of the pace of remonetisation, it has been decided to partially restore status quo ante.
“The limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future,” said the apex bank.
RBI urged the banks to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.
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