RBI to lift the curbs on cash withdrawal from March 13
New Delhi: The cash crunch will no more hurt you as the Reserve Bank of India (RBI) on Wednesday decided to lift the limits of cash withdrawal completely from March 13.
The remonetisation process will take place in two phases. The cash withdrawal limit will be raised to Rs 50,000 from existing Rs 24,000 from February 20. By March 13, every limitation on cash withdrawal will be removed.
"The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages," said RBI Deputy Governor R Gandhi.
Earlier, on Novermber 8, government announced scrapping of Rs 500 and Rs 1,000 notes and had also put restrictions over the cash withdrawal limit.