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Cap on cash withdrawal: HC reserves verdict

Centre also opposed the plea saying the Supreme Court is seized of the issue and restriction is only to make the policy effective

Press Trust of India  |  New Delhi 

A judge hitting gavel with paper at wooden table. (Photo: Shutterstock)
A judge hitting gavel with paper at wooden table. (Photo: Shutterstock)

The on Wednesday reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the decision.

The plea accused the Centre of making a false statement in the court that the restriction on withdrawal of Rs 24,000 by individuals was only till November 24 as this limit has been extended till December 30.

During the hearing of the plea by a businessman, a bench of Chief Justice G Rohini and Justice V K Rao said that there is no restriction as such, because money can be withdrawn or transferred through cheques, demand drafts or by net-banking.

The Centre also opposed the plea saying the Supreme Court is seized of the issue and the restriction is only to make the policy effective.

After the parties made their submissions, the bench said that it will pass the order day-after-tomorrow.

On November 25, the bench had dismissed a plea, filed by Ashok Sharma, seeking direction to the Centre to remove the cap on daily withdrawal of money deposited by the public in banks before of Rs 500 and Rs 1,000 currency notes.

The court had listed out grounds for dismissing the plea on November 25 and said that first, the apex court is seized of the matter and secondly, the cap on withdrawal was in force till November 24.

The fresh plea alleged that the Centre's notification of November 8 on the weekly withdrawal limit from the banks was modified on November 14 and now it is in force till December 30.

"The government has not come out before this court with clean hands and it seems that deliberately a misleading false and incorrect statement has been made," the application said.

Earlier, the petitioner had sought quashing of Clause 2 (vi) of the Centre's notification and had contended that the decision to put a cap on weekly withdrawal of Rs 24,000 was "affecting right to livelihood" of the people at large.

Under the earlier Clause 2 (vi), the weekly withdrawal limit from the banks was Rs 20,000 while the daily limit was Rs 10,000. Later, the weekly limit was increased to Rs 24,000 and the daily limit was scrapped. From the ATMs, the daily limit is Rs 2,500.

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Cap on cash withdrawal: HC reserves verdict

Centre also opposed the plea saying the Supreme Court is seized of the issue and restriction is only to make the policy effective

Centre also opposed the plea saying the Supreme Court is seized of the issue and restriction is only to make the policy effective
The on Wednesday reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the decision.

The plea accused the Centre of making a false statement in the court that the restriction on withdrawal of Rs 24,000 by individuals was only till November 24 as this limit has been extended till December 30.

During the hearing of the plea by a businessman, a bench of Chief Justice G Rohini and Justice V K Rao said that there is no restriction as such, because money can be withdrawn or transferred through cheques, demand drafts or by net-banking.

The Centre also opposed the plea saying the Supreme Court is seized of the issue and the restriction is only to make the policy effective.

After the parties made their submissions, the bench said that it will pass the order day-after-tomorrow.

On November 25, the bench had dismissed a plea, filed by Ashok Sharma, seeking direction to the Centre to remove the cap on daily withdrawal of money deposited by the public in banks before of Rs 500 and Rs 1,000 currency notes.

The court had listed out grounds for dismissing the plea on November 25 and said that first, the apex court is seized of the matter and secondly, the cap on withdrawal was in force till November 24.

The fresh plea alleged that the Centre's notification of November 8 on the weekly withdrawal limit from the banks was modified on November 14 and now it is in force till December 30.

"The government has not come out before this court with clean hands and it seems that deliberately a misleading false and incorrect statement has been made," the application said.

Earlier, the petitioner had sought quashing of Clause 2 (vi) of the Centre's notification and had contended that the decision to put a cap on weekly withdrawal of Rs 24,000 was "affecting right to livelihood" of the people at large.

Under the earlier Clause 2 (vi), the weekly withdrawal limit from the banks was Rs 20,000 while the daily limit was Rs 10,000. Later, the weekly limit was increased to Rs 24,000 and the daily limit was scrapped. From the ATMs, the daily limit is Rs 2,500.
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Business Standard
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Cap on cash withdrawal: HC reserves verdict

Centre also opposed the plea saying the Supreme Court is seized of the issue and restriction is only to make the policy effective

The on Wednesday reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the decision.

The plea accused the Centre of making a false statement in the court that the restriction on withdrawal of Rs 24,000 by individuals was only till November 24 as this limit has been extended till December 30.

During the hearing of the plea by a businessman, a bench of Chief Justice G Rohini and Justice V K Rao said that there is no restriction as such, because money can be withdrawn or transferred through cheques, demand drafts or by net-banking.

The Centre also opposed the plea saying the Supreme Court is seized of the issue and the restriction is only to make the policy effective.

After the parties made their submissions, the bench said that it will pass the order day-after-tomorrow.

On November 25, the bench had dismissed a plea, filed by Ashok Sharma, seeking direction to the Centre to remove the cap on daily withdrawal of money deposited by the public in banks before of Rs 500 and Rs 1,000 currency notes.

The court had listed out grounds for dismissing the plea on November 25 and said that first, the apex court is seized of the matter and secondly, the cap on withdrawal was in force till November 24.

The fresh plea alleged that the Centre's notification of November 8 on the weekly withdrawal limit from the banks was modified on November 14 and now it is in force till December 30.

"The government has not come out before this court with clean hands and it seems that deliberately a misleading false and incorrect statement has been made," the application said.

Earlier, the petitioner had sought quashing of Clause 2 (vi) of the Centre's notification and had contended that the decision to put a cap on weekly withdrawal of Rs 24,000 was "affecting right to livelihood" of the people at large.

Under the earlier Clause 2 (vi), the weekly withdrawal limit from the banks was Rs 20,000 while the daily limit was Rs 10,000. Later, the weekly limit was increased to Rs 24,000 and the daily limit was scrapped. From the ATMs, the daily limit is Rs 2,500.

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