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Reserve Bank of India will remove restrictions on cash withdrawals after assessment

Friday, 6 January 2017

RBI will remove restrictions on cash withdrawals after assessing market situation, Finance Minister Arun Jaitley said.

 

Currently, an account holder is allowed to withdraw Rs. 24,000 per week from the counters and Rs. 4,500 per day from ATM.

To a question on people not being able to avail the facility due to some genuine reasons, the Finance Minister said this facility was available for everyone and he would not like to interfere with the criteria set by the RBI.

Without committing to any easing of the restrictions for those who failed to avail the window, he said, “People in large number have already exchanged. Only a few are left… we don’t go by… Whatever reason, the RBI has fixed their own criteria. At least, I will respect that criteria.”

 

Jaitley also noted that the Prime Minister had specifically mentioned that RBI will fix terms and conditions. “The word terms and conditions was part of Prime Minister’s address,” he stressed.

“They can go to specified offices of the RBI up to March 31, 2017 and deposit the notes after submitting a declaration form,” he added.

Source by: Internet

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