Out with demonetisation, in with remonetisation: all limits on cash withdrawal lifted

The process of demonetising Rs 500 and Rs 1,000 notes and thus, India's transition to newer denominations, is now complete, with all limits on cash withdrawals from savings bank accounts having been lifted today.

Alongside this, all daily limits on withdrawal from ATMs will also cease. As of January, the RBI had imposed a Rs 10,000 daily limit on ATM withdrawals. The current weekly limit on withdrawals from one's savings accounts, as instated on February 10, was Rs 50,000. The RBI had lifted the limits on withdrawals from current accounts, cash credit accounts, and overdraft accounts on January 30.

Limits first placed on November 8, when the demonetisation of Rs 1,000 and Rs 500 notes was announced, were Rs 2,500 daily, which were later increased to Rs 4,500, and then gradually raised monthly or fortnightly as the remonetisation process began in full force.

With the introduction of heftier higher denominations and the lack of a Rs 1,000 note, it is still likely that ATMs will quickly run out of the lower denominations. So, it remains to be seen whether normalcy has fully been restored.