NEW DELHI: In a welcome move, the Reserve Bank of India (RBI) on Wednesday decided to phase out weekly limit on cash withdrawal from savings accounts in two stages, starting from February 20.
First, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20. From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI said.
At present, the weekly withdrawal limit is Rs 24,000 for savings accounts.
The RBI said that total currency worth Rs 9.92 lakh crore was in circulation on January 27.
The RBI added that both new notes of Rs 2000 and Rs 500 are difficult to copy. “The ones being found fake are photocopied and not printed versions of new notes,” the central bank said.
The RBI had put limit on withdrawal from bank accounts in the wake of demonetisation of Rs 500 and Rs 1,000 notes on November 8.
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