RBI’s Take on Withdrawal of Cash and Deposits as of 8th February, 2017
On Wednesday, RBI (Reserve Bank of India) announced that there will not be any cash withdrawal restrictions from savings bank accounts starting from 13th March. However, the entire process will be done in 2 phases. Starting from 20th February, the limit on cash withdrawal will be increased to Rs 50,000 a week from the existing amount of Rs 24,000.
From 1st of February, the withdrawal limit on cash from ATM’s was removed by RBI. Apart from that, the RBI had removed all limits on overdraft and current accounts with immediate effect.
Earlier, the cash withdrawal limit from ATM’s was enhanced to Rs 10,000 a day for savings bank accounts from 16th January. On 8th November, 2016, the Narendra Modi government introduced the demonetisation move by scrapping old Rs 1000 and Rs 500 notes.
Banks have been asked by the tax department to report deposits of over Rs 10 lakh in a year to any account and cash payments of Rs 1 lakh or more on credit card bills. The November 16 instructions were also reiterated by the tax department where it had asked banks to report cash deposits of Rs 2.5 lakh or over in 1 or more accounts of a person during 9th November to 30th December, 2016.
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