RBI Removes the Weekly Cash Withdrawal Limit on Holi
The Reserve Bank of India (RBI) on Holi declared that there will be no weekly limits on cash withdrawals from now on.
The limits which were imposed after the demonetisation of the old Rs 500 and Rs 1000 notes has been gradually eased by the government.
Till last week, banks did not allow account holders to withdraw more than Rs 50,000 in a week. Also, on March 10, Arun Jaitley stated that new currency worth more than Rs 12 lakh crore was in circulation.
Finance Minister, Arun Jaitley and the RBI continue to be tight lipped on the exact number or value of banned notes returned. Last week, Jaitley stated that it was difficult to provide an exact figure on the number of defunct Rs 500 and Rs 1000 notes deposited so far.
The note ban which was seen as a risky move came a couple of months before the 5-state assembly polls.
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