<p>India&#39;s economic affairs secretary Shaktikanta Das said today (February 3) that the process of remonetisation was &quot;nearly complete&quot; since there were practically no restrictions on withdrawals and the only remaining restriction was the weekly limit of Rs 24,000 on savings bank accounts.</p>

<p>The economic affairs secretary said the remonetisation process reached near-completion less than 90 days after Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and 1,000 notes on November 8.</p>

<p>&quot;All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time,&quot; he told PTI in an interview.</p>

<p>&quot;Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there,&quot; he said.&nbsp;</p>

<p>&quot;In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the remonetisation has been completed.&quot;</p>

<p>He further said currency supply and management were the responsibility of the Reserve Bank of India and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account.</p>

<p>The emphasis will be on providing lower denomination notes, Shaktikanta Das said.</p>

<p>Earlier in the week, the central bank had announced lifting of restrictions on daily withdrawal of cash from current and overdraft accounts as well as ATMs.</p>

<p>It had also promised to review the weekly limit in the near future depending on the pace of remonetisation.</p>

<p>The government and RBI had imposed limits on withdrawal of money from ATMs and banks after the cash crunch which followed the scrapping of old Rs 500 and Rs 1000 notes.</p>

<p>It had put the withdrawal limit Rs 2,000 per day from ATMs and Rs 10,000 per week from banks. Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week.</p>

<p><br />
These limits, however, were gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.</p>

<p>Towards November end, RBI increased the cap on savings bank withdrawals to Rs 24,000 a week.</p>

<p>Early in January, withdrawals from ATMs were further relaxed to Rs 4,500 per day from ATMs, but the weekly withdrawal limits were retained. On January 16, RBI enhanced the ATM withdrawals further to Rs 10,000 a day, while keeping the weekly limits at Rs 24,000.</p>

<p>Withdrawal limits from current accounts, overdraft and cash credit accounts were enhanced to Rs 1,00,000 per week</p>

<p>(WION with inputs from PTI)<br />
&nbsp;</p>


Economic affairs secretary Shaktikanta Das said removal of withdrawal limit of Rs 24,000 on savings bank accounts was a matter of time

India's economic affairs secretary Shaktikanta Das said today (February 3) that the process of remonetisation was "nearly complete" since there were practically no restrictions on withdrawals and the only remaining restriction was the weekly limit of Rs 24,000 on savings bank accounts. The economic affairs secretary said the remonetisation process reached near-completion less than 90 days after Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and 1,000 notes on November 8. "All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he told PTI in an interview. "Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there," he said. "In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the remonetisation has been completed." He further said currency supply and management were the responsibility of the Reserve Bank of India and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account. The emphasis will be on providing lower denomination notes, Shaktikanta Das said. Earlier in the week, the central bank had announced lifting of restrictions on daily withdrawal of cash from current and overdraft accounts as well as ATMs. It had also promised to review the weekly limit in the near future depending on the pace of remonetisation. The government and RBI had imposed limits on withdrawal of money from ATMs and banks after the cash crunch which followed the scrapping of old Rs 500 and Rs 1000 notes. It had put the withdrawal limit Rs 2,000 per day from ATMs and Rs 10,000 per week from banks. Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week. These limits, however, were gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. Towards November end, RBI increased the cap on savings bank withdrawals to Rs 24,000 a week. Early in January, withdrawals from ATMs were further relaxed to Rs 4,500 per day from ATMs, but the weekly withdrawal limits were retained. On January 16, RBI enhanced the ATM withdrawals further to Rs 10,000 a day, while keeping the weekly limits at Rs 24,000. Withdrawal limits from current accounts, overdraft and cash credit accounts were enhanced to Rs 1,00,000 per week (WION with inputs from PTI)

Remonetisation nearly complete, Rs 24,000 weekly limit only remaining restriction: Indian govt

<p>The Reserve Bank of India (RBI) on Monday late night said that the general public has withdrawn Rs 2.16 lakh crore from their accounts since beginning of demonetisation on November 9, 2016.</p>

<p>RBI further said that deposits in bank accounts during this period, amounted to Rs 8.11 lakh crore. Interestingly, Government had told the Supreme Court earlier this month that it expects around Rs 10-11 lakh crore to be deposited in banks till December 30, 2016 &ndash; the last day of depositing the now illegal tender of Rs 500 and Rs 1000 notes.</p>

<p>However, the long queues and frequent running out of cash has ensured that nearly 50% of this total currency (Rs 14 lakh crore) has already been deposited in banks in two weeks.</p>

<p>Moreover, there has been a sudden surge in deposits with Jan Dhan Accounts.</p>

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<h5>As on November 9, the Government claimed that the 25.5 crore accounts opened under Jan-Dhan Yojana (PMJDY) garnered Rs 45,636.61 crore. The number of accounts now stand at 25.68 crore while deposits have risen to Rs 72,834.72 crore.</h5>
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<p>&nbsp;</p>

<p>PM Modi and Finance Minister Arun Jaitley have been pushing citizens towards a more &#39;less-cash&#39; economy. The Government, on Monday, removed excise duty on &#39;point of sale&#39; machines in order to expedite use of digital currency than hard cash.&nbsp;</p>

<p>However, with over Rs 2 lakh crore withdrawn in two weeks from the Rs 8.11 lakh deposited, it is amply clear that Indians are still not ready to go completely cash-less.&nbsp;</p>

<p>On the evening of November 8, Prime Minister Narendra Modi in a televised address said that nearly 86% of Rs 16 lakh crore that oiled the Indian economy by way of Rs 500 and Rs 1000 notes were illegal tender from midnight.</p>

<p>He said that citizens have&nbsp;50 days to deposit this old currency in banks, exchange it with new or withdraw through ATMs, etc.</p>


The RBI on Monday released data that showed nearly 50% of all demonetised currency in Rs 500 and Rs 1000 notes has been deposited with banks

The Reserve Bank of India (RBI) on Monday late night said that the general public has withdrawn Rs 2.16 lakh crore from their accounts since beginning of demonetisation on November 9, 2016. RBI further said that deposits in bank accounts during this period, amounted to Rs 8.11 lakh crore. Interestingly, Government had told the Supreme Court earlier this month that it expects around Rs 10-11 lakh crore to be deposited in banks till December 30, 2016 – the last day of depositing the now illegal tender of Rs 500 and Rs 1000 notes. However, the long queues and frequent running out of cash has ensured that nearly 50% of this total currency (Rs 14 lakh crore) has already been deposited in banks in two weeks. Moreover, there has been a sudden surge in deposits with Jan Dhan Accounts. As on November 9, the Government claimed that the 25.5 crore accounts opened under Jan-Dhan Yojana (PMJDY) garnered Rs 45,636.61 crore. The number of accounts now stand at 25.68 crore while deposits have risen to Rs 72,834.72 crore. × PM Modi and Finance Minister Arun Jaitley have been pushing citizens towards a more 'less-cash' economy. The Government, on Monday, removed excise duty on 'point of sale' machines in order to expedite use of digital currency than hard cash. However, with over Rs 2 lakh crore withdrawn in two weeks from the Rs 8.11 lakh deposited, it is amply clear that Indians are still not ready to go completely cash-less. On the evening of November 8, Prime Minister Narendra Modi in a televised address said that nearly 86% of Rs 16 lakh crore that oiled the Indian economy by way of Rs 500 and Rs 1000 notes were illegal tender from midnight. He said that citizens have 50 days to deposit this old currency in banks, exchange it with new or withdraw through ATMs, etc.

Demonetisation: Indians withdrew over 2 lakh crore since November 9

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