Cash withdrawal limit to be Rs 50,000 from February 20; no limit from March 13

Representational Picture. (AFP)

New Delhi: The limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages, the Reserve Bank of India announced on Wednesday, with the limit slated to go up to Rs,50,000 per account from February 20, and to go altogether from March 13. The Reserve Bank of India said currency in circulation is worth Rs 9.92 lakh crore as on January 27. On January 16, RBI had doubled the ATM withdrawal limit to Rs 10,000 per day but retained the weekly ceiling of Rs 24,000. The central bank had also raised the weekly withdrawal limit from current accounts to Rs 1 lakh from Rs 50,000, which could provide some relief to small traders. Both these changes will be applicable with immediate effect. The ATM daily withdrawal limit was first revised on December 30 when the RBI had raised it to Rs 4,500 from Rs 2,500, effective January 1. The demonetisation on November 8 saw 17.165 billion pieces of Rs 500 notes and 6.858 billion pieces of Rs 1,000 notes being withdrawn.