People stand to be a bit confused when it comes to the restrictions on the cash that can be withdrawn either from the banks or the ATMs / Automated Teller Machines. Well, to clear the air, we have put together this article as to what the situation is & till when things will improve.
As a matter of fact, people who are making use of the digital or the electronic transactions do not face any sort of a problem but those people who are dealing with cash or those wish to have the transactions done in cash may be required to know as to what are the things going around.
Latest news on cash withdrawal
Recently, the Reserve Bank of India or the RBI stated that the people who have black money or those who still have the old high denomination notes (in the order of Rs. 500 & Rs. 1, 000 notes respectively) can go ahead & deposit them till the 30th of December, 2016. Moreover, there is no limit on the amount to be deposited stated the Finance Ministry.
However, if the amount is deposited time & again then the authorities might question the person depositing the amount but if an individual will declare the income & deposit the money together then it would be a win – win situation for both the authorities & the individuals.
SBI Chairperson’s take on the cash withdrawal limit
On the other hand, when the Chairperson of the State Bank of India, Arundhati Bhattacharya, was questioned at a press conference on when the situation will resolve, she replied that she, to a great extent does not see or expect that restrictions on the amount to be withdrawn from either the bank or the ATMs to go away soon. And these restrictions will continue till there is not enough cash in the bank.
However, State Bank of India’s Chairperson, Ms. Bhattacharya went on to add that the restrictions are to be reduced in a while & for this some more time might be required. As a matter of fact, these restrictions will beyond any doubt come down but for that to happen it might take some more time.
Things to know about the restrictions on cash withdrawal & depositing cash in the banks
To help the customers & people in general, the concerned authorities have clearly stated that an individual or the account holder would be entitled to withdraw Rs. 24, 000 from the bank branch & this amount can be withdrawn from the bank branch in a week whereas from an ATM, an account holder can withdraw Rs. 2, 500.
In addition to this, as for depositing the old high denomination bank notes, it can be done till the 30th of December, 2016. Finally, the Reserve Bank of India has not yet announced as to till when the above stated restrictions will continue; hence, to know this answer, we will have to wait for some more time.