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RBI’s gift on Holi – Cash withdrawal restrictions removed

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Cash withdrawal restrictions from savings bank accounts to be removed from March 13.

The RBI issued a notification for the same on February 8, 2017.

Earlier, the cash withdrawal limit was raised from 24,000 to 50,000 on February 20.

In another notification, the RBI had also removed all limits on current account and overdraft accounts with immediate effect.

On November 8, last year, the Modi government had announced the surprise demonetisation drive, banning the use of Rs 500 and Rs 1000 notes. This a created a vacuum in the Indian economy as currency could not be replenished immediately. The RBI had then issued a limit on the cash withdrawals from banks and ATMs to stabilise the flow of currencies.

March 13, 2017

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