The Reserve Bank of India or RBI has said that it will remove curb on daily withdrawal from ATMs from Wednesday onwards. It has also lifted the restrictions on withdrawal from current accounts, cash credit accounts and overdraft accounts.
Central Bank said, Limits on withdrawing cash from savings bank accounts would, however, continue for now and are “under consideration for withdrawal in the near future”.
The removal of curb on daily withdrawal means that savings account holder will no longer be restricted to withdrawing only 10,000 rupees. The will be able to withdraw Rs 24,000 in one go.
The RBI initially set the cash withdrawal Limit to Rs. 50,000 from Current accounts which were increased to Rs 1 Lakh per day.
The move of Demonetisation was made with the aim to eliminate corruption and black money by PM Modi. PM Modi made the sudden announcement on November 8 scrapping 500 and 1000 rupees notes.