Cash withdrawal limit from bank accounts-atm to be decided by RBI-Finance Ministry

Cash withdrawal limit from bank accounts-atm to be decided by RBI. Powers given to RBI including withdrawal from current account and ATM-Finance Ministry

MINISTRY OF FINANCE
(DEPARTMENT OF ECONOMIC AFFAIRS)

NOTIFICATION

New Delhi, 30th November, 2016

S.O. 3599(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—

1. In the said notification, in paragraph 2,—

(a ) for clause (vi), the following shall be substituted, namely:—

“(vi) cash withdrawal from a bank account over the counter shall be such as may be specified by the Reserve Bank of India from time to time:

Provided that cash withdrawal from a current account shall be such as may be specified by the Reserve Bank of India from time to time:

Provided further that the withdrawal limit provided for current accounts shall also be applicable to the traders registered with the Agricultural Produce Market Committee (APMC) markets and mandis.” ;

(b) for clause (viii), the following clause shall be substituted, namely:—

“(viii) cash withdrawal from an ATM shall be such as may be specified by the Reserve Bank of India from time to time.”.

2. In the said notification, in paragraph 3, in sub-paragraph (5), for the words, letters and figures “paragraph 1 shall ensure that their ATMs and white Label ATMs shall dispense bank notes of denomination of Rs. 100 or Rs. 50, until further instructions from the Reserve Bank” the words, figure and letters “paragraph 1, ATMs and White Label ATMs shall dispense bank notes as may be specified by the Reserve Bank of India from time to time”

[F. No. 10/03/2016-Cy.I]

Dr. SAURABH GARG, Jt. Secy.

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418(E) dated the 9th November, 2016 and amended vide S.O. 3446 (E) dated the 13th November, 2016, S.O. 3449(E) dated the 14th November, 2016, S.O. 3479(E) dated the 17th November, 2016, S.O. 3488(E) dated the 18th November, 2016 and S.O. 3543(E) dated the 24th November, 2016.