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Demonetisation: Withdrawal limit from savings account raised to Rs 50,000 from today

As the remonetisation process is underway, the RBI has gradually relaxed the withdrawal limits. The limits were put in place after the government announced, in November last year, that it will withdraw higher denomination currency. Photograph: (Reuters)

WION New Delhi, Delhi, India Feb 20, 2017, 07.19 AM (IST)

The withdrawal limit from the savings bank account has been eased to Rs 50,000 from Monday, according to the Reserve Bank of India.

As the cash crunch situation caused by demonetisation eases, the RBI announced that it will remove withdrawal limit from ATMs and savings account from March 13.

The limits were imposed in the wake of the government's move to withdraw higher denomination currency in its fight against black money, counterfeit currency and terror financing.

As the remonetisation process is under way, the RBI has gradually relaxed the withdrawal limits. On January 16, the limit was increased to Rs 10,000 per day which was followed by another round of easing on January 31 when the limit was increased to Rs 24,000.

(WION)

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