The Reserve Bank of India (RBI) has announce today that the daily ATM withdrawal limit was increased to Rs 10000 per card per day from the current Rs 4,500 but this relaxation is within the bank withdrawal limit of Rs 24,000 per week. It also raised the limit for withdrawal for current accounts to Rs 100,000 from Rs 50,000.
According to RBI Notification issued to the banks, “On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500/- to Rs 10,000/- per day per card (It will be operative within the existing overall weekly limit).
” The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000/- per week to Rs 1,00,000/- per week and it extends to overdraft and cash credit accounts also.” the RBI said in the notification.
Prime Minister Narendra Modi announced on November 8th evening, that use of all Rs 500 and Rs 1,000 banknotes would be invalid after midnight of that day and released new Rs 500 and Rs 2,000 banknotes in place of old notes.Soon after the announcement, long queues were seen outside banks and ATMs as people lined up to withdraw cash, deposit the old notes or exchange them for the new Rs 2,000 notes And 500 notes.
Exchange of old notes allowed only at RBI counters subject to regulations till March 31. NRIs can deposit old notes up to Rs 25,000 till June 30.