Cash withdrawal limits to continue? - Fusion - WeRIndia

Everyone who is withdrawing cash knows that the cash withdrawal limit per savings account has been restricted to ₹24,000 per week.

This limit has been there since the demonetization.

It was said that the limit will be removed after December 30.

However, now it seems that it may just continue in the New Year as well.

The restrictions are a little less for current account holders who can withdraw ₹50,000 per week.

The limit at ATM withdrawal is ₹2,500/day.

It is expected that after the deadline, the limits may not be completely gone.

This is being stated by many public bank sector workers and experts.

Many say that the situation maybe slightly relaxed after the deadline but the pre-demonetization conditions might not be restored.

Experts say that the situation can be relaxed if the cash situation improves.

According to Finance Secretary Ashok Lavasa, the decision to whether or not the restrictions will be lifted would  be taken after properly analyzing the current situation.

Finance Minister Arun Jaitley on the other hand said that enough new ₹500 notes would be released in the market shortly to restore the conditions.

He also assured that all the inconveniences due to demonetization would stop soon in the near future.

Due to the lack of cash, many people could not do a lot of things. Many salaried individuals could not even get salaries as employers still give cash to their employees.

Many people were even seen leaving metropolitan cities and daily wage earners went back to their villages after losing their source of employment.

The impact of demonetization was also seen several sectors like agriculture.

Due to the demonetization, people are spending less. This has affected the sales for Christmas shopping as well.

There is a reduction of 50 per cent in Christmas shopping this year compared to previous years. This is because of lack of cash.

Image credit: Image by Peggy und Marco Lachmann-Anke from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/it/photos/atm-obiettivo-contanti-1524868/