Reserve Bank of India hiked the daily limit of withdrawal from ATMs from the existing ₹2,500 to ₹ 4,500 with effect from January 1, 2017 per day per card.
In its guidelines, the RBI has clarified that these enhanced withdrawal limits should be largely in the Rs500 notes. The enhanced ATM withdrawal limits will be subject to the weekly withdrawal limit of Rs24,000, which shall continue.
Following demonetisation of old Rs500 and Rs1,000 notes on 8 November, limits had been imposed on withdrawal of cash from banks as well as ATMs.
Earlier, the RBI had permitted White Label ATM Operators (WLAOs) to source cash from retail outlets. Most of the White Label ATMs are running dry since demonetisation as the operators were facing difficulties in sourcing cash from their sponsor bank(s).
December 30 was the last day to deposit the invalid currency notes in banks. However, people still have time to exchange the currency notes at designated RBI counters till 31 March after giving valid reasons for not depositing defunct notes in their accounts by 30 December.
