ATM withdrawal limit won’t be raised to Rs 4,000 per day this weekend
- Wipro falls nearly 5% as brokerages cut target price on weak Q4 results
- A good competitor is good for HUL: Sanjiv Mehta
- Breaking taboos is becoming good for business in India
- Our core strategy is working and showing healthy growth: Wipro CEO Abidali Neemuchwala
- Contract manufacturers of global firms to launch own TV brands
New Delhi: The government has decided not to increase the ATM withdrawal limit to Rs4,000 a day by this weekend as majority of the ATMs are yet to be recalibrated for dispensing new Rs500 and Rs2,000 notes.
ATM withdrawal limit from savings bank accounts will continue at Rs2,500 a day for the time being. The limit set after Prime Minister Narendra Modi on Sunday night reviewed the demonetisation of higher currency notes. Cash withdrawal from current accounts, which have been in operation for at least three months, has also been restricted to Rs50,000 in a week, a notification said.
After withdrawing Rs500 and Rs1,000 notes — which make up for 86% of the total currency in circulation, the government had on 8 November set a cash withdrawal limit of Rs2,000 per day from ATMs. This limit was to be raised to Rs4,000 per day per card from 19 November 2016. The limit was hiked to Rs2,500 on Monday. Following this the 14 November notification, said “the words, letters and figures ‘and the limit shall be raised to Rs4,000 per day per card from 19 November 2016’ shall be omitted”.
The government had on Monday said that only ATMs that have been tuned to handle differently sized new currency notes of 2000 and 500 will dispense Rs2,500 per day cash. Others will continue to be restricted at Rs2,000 a day.
“The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs2500 per withdrawal. This will enable dispensing of lower denomination currency notes for about Rs500 per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense Rs2000 till they are recalibrated,” economic affairs secretary Shaktikanta Das had said on Monday.
For withdrawals through cheque, the weekly cap has been hiked to Rs24,000 from Rs20,000. Also, the restriction of daily withdrawal of Rs10,000 through cheque or withdrawal slip has been dispensed away and such withdrawals would be within the overall Rs24,000 a week limit.