The Central Bank of India (RBI), in a relief to common man, has increased the cash withdrawal limit from ATMs to Rs 4,500 per day from the current Rs 2,500 from 1st January 2017.
But. there is no change in the weekly withdrawal limit, which stands same at Rs 24,000, including from ATM, for individuals (Rs 50,000 in case of small traders).
After the demonetisation of old currency of high value of Rs 500/1000 notes on 8th November 2016, limits had been imposed on withdrawal of cash from banks as well as ATMs. Earlier in the day, the RBI had permitted White Label ATM Operators to source cash from retail outlets.
After the demonetisation, most of the White Label ATMs are running dry as the operators were facing difficulties in sourcing cash from their sponsor banks.
Today is the last day to deposit the invalid or banned currency notes in banks. After 31st December, 2016, people still have time to exchange the currency notes at designated RBI counters till 31st March 2017 after giving valid reasons for not depositing defunct notes in their accounts by 30th December 2016.
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