ATM Withdrawal limit jumped to Rs. 4,500 per day effective Jan1, 2017

Author yuvamind

NEW DELHI: The closing date to deposit old notes of Rs.500 and Rs.1,000, ended on Friday, December 30. Recently, ATM withdrawal limit has been increased as Rs.4,500. Before it, people were able to withdraw only Rs.2,500 per day by one ATM. But at the present time, people can be able to withdraw of Rs. 4,500 daily by per ATM which will be effective from January 1, 2017.
However, the weekly limit per bank account remains unchanged at Rs. 24,000 as the government tries to replace the outlawed currency with new bills. Some top developments of the story have been given following: 1. Prime Minister Narendra Modi likely to address the country on Friday evening to discuss the impact of his abrupt demonetisation drive. 2. The RBI has asked banks to submit details of the deposits made in the outlawed currency. It is estimated that more than 90% of the cancelled notes have been already deposited in banks. 3. On November 8, PM Modi ' s shock announcement rendered 86 percent of India ' s currency void, giving people until Friday to swap their old 500 rupee and 1,000-rupee bills for new ones. 4. Many top industrialists and financial experts have praised the PM ' s call to move towards a digital economy, but some industries have ground to a halt and laid off staff, highlighting India ' s huge dependence on cash. 5. Only 35-40 percent of ATM machines are currently dispensing cash, according to Ramaswamy Venkatachalam, managing director, India and South Asia, Fidelity Information Services, a banking technology provider. 6. Until March 31, old notes can be deposited with the Reserve Bank of India but December 30 was the last opportunity to do so at other banks. After the March deadline there will be a minimum 10,000 rupees penalty for holding old notes.
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