New Bank note cash withdrawal limit of 10000 removed. Exchange and ATM withdrawal Limits for 500 1000 notes also increased-Notification

New Bank note cash withdrawal limit of 10000 removed. Exchange and ATM withdrawal Limits for 500 1000 notes also increased by Rs. 500/-Notification

MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 13th November, 2016

S.O. 3446(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 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) in clause (i), for the words, letters and figures “value of Rs. 4000/-”, the words, letters and figures “value of Rs. 4500/-” shall be substituted;

(b) clause (ii) shall be omitted;

(c) in clause (vi), for the words, letters and figures “shall be restricted to Rs.10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of commencement of this notification”, the words, letters and figures “shall be restricted to Rs. 24,000/- a week” shall be substituted;

(d) after clause (viii), the following proviso shall be inserted, namely:— “Provided that on and from the date of commencement of this notification, withdrawal limit from any ATM including White Label ATM, which has been recalibrated to dispense the denomination of bank notes of the value of Rs. 500/- and Rs. 2000/-, shall be Rs. 2,500/- per day per card upto 18th November, 2016 and any ATM or White Lebel ATM which has not been recalibrated shall continue to dispense Rs.100/- or Rs.50/- until recalibrated.”.

2. In the said notification, in paragraph 3, clause (5) shall be omitted.

[F. No. 10/03/2016-Cy. I]
Dr. SAURABH GARG, Jt. Secy.