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No limit for cash withdrawal!

Updated on: 09 Aug, 2023 11:26 AM

The RBI last night had announced that existing limit of Rs. 24000/- will not be applicable for the people who are depositing the new currency in their bank accounts. The withdrawal limit of Rs. 24,000 per week stays unchanged for other people. This step is mainly taken for the people who hesitate to deposit money in their bank accounts because of the current withdrawal limits being there.

β€œIt has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ` 2000 and ` 500 are to be issued for such withdrawals,” RBI said in a notification.

For instance, if you have deposited Rs 20,000 in your account of which Rs 12000 is old notes and Rs 8000 is in legal tender [new currency] you can withdraw that additional Rs 8000 over and above the Rs 24000 weekly cap.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.