NEW DELHI: Limits on ATM withdrawals
will be partially lifted from Feb 1, India’s central bank said Monday, as a
cash crunch sparked by the ban on high-value rupee notes eases.
The Reserve Bank of India capped cash
withdrawals after Prime Minister Narendra Modi’s shock decision in November to
take all 500 and 1,000 rupee notes out of circulation — 86pc of the currency in
the cash-reliant nation.
The move triggered long queues outside
banks and ATMs which ran dry within hours as hundreds of thousands of people
thronged to them every day to withdraw the initial daily limit of 2,000 rupees
($29).
The RBI later increased the amount to
4,500 rupees, and then to 10,000 rupees earlier this month as long lines and
crowds at banks eased.
Limits placed on customers who have
current accounts or overdraft accounts “stand withdrawn from February 01,
2017,” the central bank said in a statement.
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