RBI Assured, Limits On Withdrawal Will Not Be a Permanent Practice

The Reserve Bank of India (RBI) has made an assuring declaration that they have no plans to any permanent limit on withdrawal of money. RBI assured that money belonged to people only.

RBI governor Urjit Patel addressed the media and said, that these restrictions will lead only during the transition process resulting from demonetisation.

Patel mentioned that, ” The money in the bank is yours”, and “there are some controls on withdrawal, but only during this transition phase.”
The limit by RBI has been put on the withdrawal amount from the ATM (Automated Teller Machines) machines only along with the bank branches after the execution of demonetisation. From the recalibrated ATM machines, people can withdraw money up to Rs. 2,500 and from non-calibrated  machines people can withdraw up to Rs. 2000. Also, from bank branches, there is withdrawal limit of Rs. 24,000 for a week. For farmers, this limit is Rs. 25,000.

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As per the assurance of Central government, huge amounts of currency notes are in supply cycle and bank have been provided the droves of new currency notes. The ATM machines which are yet to recalibrated are dispensing notes like Rs. 50 and Rs. 100. As per the reports, almost 95% of the 2.2 ATM population have gone through the stage of recalibration.

Patel also mentioned that, ” I don’t think there has been an issue of trust deficit”. Further saying, ” Most people tell me that it (demonetisation) was a good move as it will help fight check terrorist financing and black money.This is a transition issue, not a long-term worry .”
Along with making above statements, RBI also pleaded public to not hold the currency and keep on re-circulating that into the system. The printing capacity is limited and even if the notes are printed using complete capacity, the high demand is hard to fulfil in such short time.

The withdrawal limits are constantly on our radar,” ,mentioned R Gandhi, deputy governor, RBI.”We are constantly recalibrating the needs of the public.”



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