RBI to remove cash withdrawal limits
Central bank says cap will be scrapped altogether from March 13
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Mumbai
LIMITS on cash withdrawals will be removed entirely from March 13, India's central bank said on Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes.
The Reserve Bank of India capped cash withdrawals after Prime Minister Narendra Modi's shock decision in November to take all 500 (S$10.50) and 1,000 rupee notes out of circulation to deter tax-dodging - 86 per cent of the currency in the cash-reliant nation. The ensuing cash crunch saw long queues outside banks and ATMs, which ran dry within hours and left many without the means to buy food or daily essentials, especially in rural areas.
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