In a big relief to the citizens, the Reserve Bank of India (RBI) on Monday increased the weekly withdrawal limit of cash from bank accounts to Rs 50000.
The holders of current, overdraft and cash credit accounts, which have been operational for past three months, can withdraw up to Rs 50,000 in cash in a week. However, the enhanced limit is not applicable for personal overdraft accounts.
“The holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw up to ₹ 50000 in cash, in a week. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts,” RBI said in a press release today.
The central bank added that such withdrawals will be disbursed predominantly in Rs 2000 denomination bank notes.
According to RBI data, people have withdrawn about 1.03 trillion rupees from their bank accounts between November 10, 2016 and November 18, 2016.
Meanwhile, the central government today announced that the farmers could use the banned currency notes to purchase seeds from the outlets belonging to the central and the state government. The outlets from where the seeds can be purchased include- Public Sector Units, National or State Seeds Corporation, Central or State Agriculture Universities and the ICAR. The farmers will, however, have to produce a proof of identity at the designated institutes for the same.