Reserve Bank of India (RBI) on 13/03/2017 lifted all restrictions on cash withdrawals from savings bank accounts imposed on November 8, 2016 after the withdrawal of Rs 500 and Rs 1,000 notes.
The RBI move has come after almost four months since the Prime Minister first announced the withdrawal of high value notes. Earlier, the RBI had removed all curbs on branch withdrawals from current account, cash credit and overdraft accounts on January 30 and limits placed on daily cash withdrawals from ATMs from February 1. However, the RBI had then decided to retain the weekly withdrawal limit of Rs 24,000 on savings bank accounts despite the Election Commission writing to the central bank to ease the weekly limits for candidates contesting the assembly polls.
The RBI lifted the restrictions in two stages. It first allowed cash withdrawals up to Rs 50,000 from savings bank account from February 20 and then removed all restrictions on cash withdrawals from March 13.