Feb 08, 2017: RBI has announced all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th March 2017. Addressing a press conference in Mumbai today, Deputy Governor R Gandhi said that the limit on cash withdrawal from Savings Bank Account will be enhanced to 50,000 rupees from the current 24,000 rupees from 20th February.
It may be recalled that in order to further the pace of remonetization, RBI had announced withdrawal of all limits placed on cash withdrawals from Current, Cash Credit and Overdraft accounts on 30th January while also removing the all limits placed on withdrawal of cash from ATMs.
Meanwhile, the RBI Deputy Governor today also informed that currency notes worth 9.92 lakh crore rupees was back in the system till 27th January. On a question of how much currency has been recovered in the old 500 and 1000 rupee notes, Deputy Governor said the apex bank is working on it and will divulge the details as soon as they are available.
He said initial counting of notes across 4000 currency chests and 19 offices where RBI stores currency, is almost done. However, the final piece to piece verification of notes will only be possible after the closing of June 30th window for deposit of old notes and verification of currency received from Nepal and Bhutan.
On the issue of emergence of fake currency notes of newly introduced 500 and 2000 rupees denomination, he said that the design features of new notes are impossible to forge. He said that the fake notes being seen at some places are actually a photocopy of the new notes which everyone can easily detect. (AIR News)
