Relaxation on withdrawal of cash from bank deposit accounts
KalimNews, New Delhi, 29 November 2016: Reserve Bank of India has announced relaxation on withdrawal of cash from bank deposit accounts.
Chief General Manager of Reserve Bank of India has issued a notice vide memo no. RBI/2016-17/163 and DCM.No.1437/10.27.00/2016-17 dated November 28, 2016 stating a decision to allow withdrawals of deposits
made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of Rs.2000 and Rs.500 are to be issued for such withdrawals.
It is issued because it has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts and is decided, on careful consideration,
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