In what could be a huge relief for people across the country, the ATM withdrawal limit has been increased from the current the limit of Rs 4500 to Rs 10,000 per day, per card. Also, the limit on withdrawal from current accounts has been enhanced from current limit of Rs 50,000 per week to Rs 1 lakh per week.
Earlier, the ATM withdrawal limit was also increased from ₹2,500 to ₹4,500, to help people in the stagnant cash crunch observed after Prime Minister Narendra Modi announced his decision to demonetise Rs 500 and Rs 1000 currency notes.
Prime Minister Narendra Modi on November 8, 2016 announced the scrapping of Rs 500 and Rs 1000 notes with effect from midnight. In his first televised address to the nation, Modi shocked the people across and said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
He had said that government took this step to curb black money and put a complete stop on terror funding.
Following the announcement, there were huge crowds outside ATMs and banks across the country as people lined up to withdraw/deposit currency.
The Prime Minister had appealed to the people across the nation to bear the pain caused due to demonetisation for 50 days urging them to “punish” him if he fails to bring change. The Prime Minister and his government hailed the decision despite the opposition joining hands to slam the demonetisation move.
The Prime Minister maintained that the honest will not be harrassed and only the corrupt will be chased and forced to come out in the open adding that the hoaders only had a few days to hide.