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Has the Modi government's surprise announcement that currency notes of Rs 500 and Rs 1,000 denomination that are currently in circulation will no longer be legal money and cannot be used as medium of exchange from Tuesday midnight put you in a bind? Don't know from when you can start withdrawing cash from ATMs again, and to the extent of what amount? We bring you the answers you need.
The government announced the move in a bid to clamp down on black money as well as counterfeit notes in circulation, and the Reserve Bank of India will be issuing new Rs 500 and Rs 2,000 currency notes.
Certain restrictions have been placed no how much cash, and from when, you can withdraw from ATMs or through cheques.
1) How much can I withdraw from ATMs?
Cash withdrawal from ATMs has been restricted to Rs 2,000 per day per card up to November 18, 2016, and the limit shall be raised to Rs 4,000 per day per card from November 19, 2016. According to the RBI, ATMs shall remain closed on Wednesday and Thursday, with operations resuming in the days after.
2) How much can I withdraw against a cheque?
Cash withdrawal using a slip or cheque will be subject to a ceiling of Rs 10,000 in a day, subject to an overall limit of Rs 20,000 in a week (including withdrawals from ATMs), from the date of the notification up to November 24, 2016, after which these limits shall be reviewed.
