Cash Withdrawal limit may be removed by February mid by RBI

Posted on by Ankita Sharma

Cash Withdrawal limit: It is being said that the cash withdrawal limit will be removed by February mid, especially for the people in the business sector. Earlier this month, the committee on the digital payments headed by Andhra Pradesh CM Chandrababu Naidu had suggested the centre to levy a tax on cash transactions of high amount.

Cash Withdrawal limit may be removed by February mid by RBI

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It had said that the cash transactions beyond Rs 50000 should be taxed in the backdrop of the government’s cashless society move.

“We expect RBI to review the decision in February and take a decision…By February, the cash withdrawal limits will be significantly eased. The cash crunch in both urban and rural centres has eased quite a bit. Statistics suggest that net currency with the public is at a comfortable position”, Rajnish Kumar, Managing Director of State Bank of India said.

Earlier this month, the per day cash withdrawal limit was increased up o Rs 10000 from Rs 4500.

Cash Withdrawal limit may be removed by February mid by RBI

“The current account limit needs to be raised more than anything else. Businessmen continued to struggle with such cash withdrawal curbs”, Union Bank of India branch manager said.

“The daily limit of Rs 10000 is okay, but micro-credit borrowers are facing a problem with the weekly limit of Rs 24000”, Managing Director of Bandhan bank, Chandra Shekhar Ghosh said.

Also Read: Committee on Digital Payments suggests tax on cash transactions to encourage digital payments

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