ATM withdrawals Limits to be removed after December 30: Report

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ATM withdrawals Limits to be removed after December 30: Report

Minister of State for Finance Santosh Gangwar has said that the current restrictions on ATM withdrawals will be removed after December 30 and added that there is sufficient cash to cater to people’s needs.

When he was asked about the possibility of easing withdrawal caps, Gangwar said, “Yes, of course, it will happen. It’s just a temporary phase.”

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When we he was asked as to whether the withdrawal limits will be normalised, Gangwar said, “I am also in favour of that, but it is under discussion.”

Currently, a maximum of Rs 2,500 can be withdrawn from ATMs in a day, while Rs. 24,000 per week can be withdrawn from bank accounts.

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However, there is no capping on payments made through cheques and the internet.

Finance Secretary Ashok Lavasa on December 16 had said that the withdrawal limit was to be reviewed after December 30, 2016.

The government has set the deadline for depositing scrapped Rs. 500 and Rs. 1,000 notes for December 30.