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Withdrawal limits from ATMs and from current accounts relaxed by RBI

Sixteen days after the end of demonetization of Rs 500 and Rs 1000 notes, withdrawals at ATMs and from current accounts have been further relaxed , the Reserve Bank of India (RBI) said in a notification. Accordingly, citizens may withdraw Rs 10,000 from ATMs from the existing limit of Rs 4,500. However, the weekly withdrawal limits on savings accounts continues at Rs 24,000.

The limit on withdrawal from current accounts has been enhanced from Rs 50,000 per week to Rs 1,00,000 per week and it extends to overdraft and cash credit accounts also.

Note that the earlier withdrawal limits on Jan Dhan Yojana accounts placed in November is still in effect. In view of a large number of reports of money laundering through Jan Dhan Yojana bank accounts, the RBI limited cash withdrawals. Fully KYC compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 in a month while limited or non KYC compliant account holders may be allowed to withdraw Rs 5,000 per month.

For weddings, the families can withdraw Rs 2.5 lakh from their own bank accounts. But this comes with its own set of conditions.

Meanwhile, non-resident Indians can deposit old notes up to Rs 25,000 till June 30. For people residing in India, old notes can no longer be exchanged at banks but they can be deposited in bank accounts. Exchange of old notes will be only allowed at RBI offices till March 31, subject to regulations.

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Question norms on deposits reversed

In December, the RBI withdrew its provisions about questioning deposits above Rs 5,000 in old notes of Rs 500 and Rs 1,000 in fully KYC-compliant bank accounts.

On December 19, the RBI said that old notes in excess of Rs 5000 can be deposited into a bank account only once during the remaining period of demonetization till December 30, 2016. The money would be credited into the accounts only after questioning the depositer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation.

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