Diabytes
Cash withdrawal limit News
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There is no proposal to replace income tax with the banking cash transaction tax, Parliament was informed on Friday.
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The RBI said that weekly withdrawal limit for savings accounts will be increased from Rs 24,000 to Rs 50,000 from February 20 while there will be no limit on withdrawal from March 13.
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RBI may give another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum.
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The Election Commission today requested the Reserve Bank of India to enhance the weekly cash withdrawal limit of candidates contesting polls in five states to Rs 2 lakh from the Rs 24,000 imposed post demonetisation as they would find it difficult to meet their campaign expenditure.
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With nearly Rs 14 lakh crore out of the Rs 15.4 lakh crore worth of 500 and 1000 rupee junked already deposited in banks, the expectation that RBI will be able to give a substantial dividend to the government, seems to be a contradictory proposition.
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Demonetisation: Cash withdrawal limit deadline may be extended beyond December 30, says SBI Chairman
Even as the window for depositing demonetised notes ends on December 30, the restrictions on cash withdrawal from banks and automated teller machines (ATMs) are expected to continue for a little longer.
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Cash withdrawal restrictions will be eased once the supply of new, hard-to-fake Rs 500 and Rs 2,000 currency notes improves and a stockpile of lower denomination notes is created, the government said today.
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