No limit for cash withdrawal!

The RBI last night had announced that existing limit of Rs. 24000/- will not be applicable for the people who are depositing the new currency in their bank accounts. The withdrawal limit of Rs. 24,000 per week stays unchanged for other people. This step is mainly taken for the people who hesitate to deposit money in their bank accounts because of the current withdrawal limits being there.

“It has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016beyond the current limits; preferably, available higher denominations bank notes of ` 2000 and ` 500 are to be issued for such withdrawals,” RBI said in a notification.

For instance, if you have deposited Rs 20,000 in your account of which Rs 12000 is old notes and Rs 8000 is in legal tender [new currency] you can withdraw that additional Rs 8000 over and above the Rs 24000 weekly cap.

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