India removes cap on cash withdrawals
India has removed the cap on cash withdrawals from current accounts, although it will continue to limit weekly withdrawals from savings accounts to Rs24,000.
The Reserve Bank of India has confirmed that the limit on withdrawals from cash machines will be removed from tomorrow.
The caps were imposed last November when the government suddenly withdrew 500 and 1,000 rupee notes from circulation to crackdown on corruption.
The move sparked a cash shortage as together the two notes accounted for 86% of India’s currency in circulation, forcing banks to limit how much customers could withdraw.
"On a review of the pace of remonetisation, it has been decided to partially restore status quo ante," said RBI yesterday.
"The limits placed on cash withdrawals from current accounts/cash credit accounts/overdraft accounts also stands withdrawn with immediate effect."
However, the central bank has warned that individual banks might have their own operating limits.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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