The exercise of remonetisation that began after scrapping of the old Rs 500 and 1,000 notes on 8 November is "nearly complete" as practically there are no restrictions on withdrawals, said Economic Affairs Secretary Shaktikanta Das.
He further said that currency supply and management are the RBI’s responsibilities and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from savings bank accounts.
Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because the Rs 24,000 limit is there.Shaktikanta Das, Economic Affair Secretary
The emphasis will be on providing lower denomination notes.
Das said the remonetisation process has reached near completion in less than 90 days of announcement of demonetisation by the Prime Minister on 8 November.
Earlier in the week, the RBI announced lifting of restrictions on daily withdrawal of cash from current and overdraft accounts as well as ATMs.
The central bank also promised to review the weekly limit in the near future depending on the pace of remonetisation.
In the wake of demonetisation, the RBI had put withdrawal limit of Rs 2,000 per day from ATMs and Rs 10,000 per week.
Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week.
Towards November end, the RBI increased the cap on savings bank withdrawals to Rs 24,000 a week.
Early January, it was further relaxed to Rs 4,500 per day from ATMs, the weekly withdrawal limit was retained. On 16 January, the RBI enhanced the ATM withdrawal limit further to Rs 10,000 daily, while keeping the weekly limit at Rs 24,000.
The central bank also enhanced the limit on withdrawal from current accounts, overdraft and cash credit accounts to Rs 1,00,000 per week.
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