New Delhi, December 31: The RBI has decided to increase the cash withdrawal limit from ATMs to Rs 4,500 per day from the present Rs 2,500 with effect from January 1. Friday was the last day of the 50-day window to deposit demonetised notes in banks.
However, there is no change in the weekly withdrawal limits, which stays at Rs 24,000. "On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2500/- to Rs 4500/- per day per card.
There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500," said RBI in a statement.
Long queues were seen at bank branches and ATMs. People still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.
The government has come out with an ordinance making possession of old Rs 500/1,000 notes beyond a specified limit for numismatic purposes illegal and punishable.
Prime Minister Narendra Modi in a surprise announcement on November 8 declared the Rs 500 and 1,000 notes invalid.