0
From tomorrow, you can take out Rs.10,000/- per day from an ATM, though a weekly limit of 24,000 per bank account remains unchanged. The RBI has increased the daily limit for ATM withdrawals from Rs. from Rs.2,000/- to Rs.4,500/- a month back, which has been in place for a few weeks now. Now it rises the Cash Withdrawal limit to Rs.10,000/- Per Day.


Rs.10,000/-

For Current Account Holders, the amount that can be collected each week has been Rs.50,000/- to Rs.1,00,000 Per Week.

Limits of access to cash were declared on November 8 when Prime Minister Narendra Modi made the shock announcement that Rs.500/- and Rs.1,000/- rupee notes would be illegal just a few hours later.  The demonetisation drive, Modi said, would check Tax evasion, Corruption, Black Money and Counterfeiting.
A huge cash crunch followed, driving millions of Indians into long lines at banks, and the PM Modi in an emotional speech asked for "Just Wait for 50 days" till December 30, 2016 to resolve all problems. After the new year, the scarcity of notes has eased up, though the opposition has said the government has defaulted on its PM because cash restrictions remain in place and, according to most estimates, virtually all the banned notes have been deposited in banks, meaning that black money has not been destroyed or forced out.

Finance Minister Arun Jaitley has pointed to improved tax collections to dismiss reports of economic disruption after the notes ban.
 
ATM - India

The shock decision on abolishing high-denomination notes  prompted most private economists to slash growth forecasts to 6.3-6.4 per cent for the fiscal year 2016/17 from over 7.5 per cent, citing the impact of the demonetisation, which they said would linger for one more year, but the government has called those concerns unfounded.

The  Finance Ministry's Statistics Office has predicted strong economic growth in the current fiscal year that ends in March. Gross Domestic Product is estimated to expand by an annual 7.1 per cent in the current fiscal year, slower than a provisional growth of 7.6 per cent in 2015/16. But the forecast does not fully take into account the impact of the notes ban.

On Friday, Urjit Patel, the Governor of the Reserve Bank of India, has been summoned by a parliamentary committee to explain how the demonetisation decision was taken as also to outline its impact. In a written answer ahead of his appearance, the central bank has stated that it was the government which "advised" that Rs.500/-  and Rs.1,000/-rupee notes be removed from circulation, which was then cleared by the RBI the next day.

The PM announced demonetisation just 24 hours after that.

The RBI has been criticised for following the government's lead on a landmark decision on currency and for taking a backseat in the days that followed, with Mr Patel missing from briefings that made important announcements on issues like cash limits. Another thing still RBI not accepting old notes Rs.500/- and Rs.1,000/- which they promised to accept till March 31st 2017. Hope this problem also solved soon.

Post a Comment

 
Top