RBI WITHDRAWS WITHDRAWAL LIMIT FOR NEW NOTES DEPOSIT – DEMONETIZATION SCHEME  

RBI WITHDRAWS WITHDRAWAL LIMIT – DEMONETIZATION SCHEME

A good news for every one. By issuing a notification, Reserve Bank Of India has withdrew the present withdrawal limit from the current (Rs. 50,000/-) and other bank accounts (Rs. 24,000/-) against the current operative currency. Copy of the notification is available here under at the bottom of this report.

Considering the low deposits of demonetized currency notes of 500 and 1000, RBI has issued following notification which will increase the circulation of new currency. And it will satisfy requests / demands of opposition and will please the opposition to some extend. However, this unlimited withdrawal is subject to availability of currency notes with banks and your deposit of current new currency.

This notification was issued without amending original notification and therefore, a separate letter / order was issued.  It seems that the limit may be imposed at any time after evaluating the results and reactions of this delimitation in value. This relaxation is meaningless as who will deposit in bank just for withdrawal ?

Yesterday, government has also declared one more income-tax scheme for declaration of black money  for Finance Minister has tabled an Amendment Bill in the Lok Sabha. According to this new scheme, Black Money will be converted @ 50% and with freezing of 25% amount for 4 years in a special account..

limit