Breaking News - The Narendra Modi government has asked for time till late December to mid-January for the 'pain' of demonetisation to ease out. However, a major reason for the inconvenience -- withdrawal limits from banks and ATMs -- is likely to stay for longer.
After announcing his demonetisation drive on November 8, Modi has time and again asked for 50 days from the public. While no explicit instructions have been issued as to when the limits of Rs 24,000 per week for savings accounts and Rs 50,000 per week from current accounts, and Rs 2,500 per day from ATMs will be lifted, a large section of the public is hoping that these restrictions will be eased after December 30.
However, these limits will certainly not be lifted anytime soon. Even if the situation eases by mid-January, as per a statement by Finance Minister Arun Jaitley a couple of weeks back, the Finance Ministry and the Reserve Bank of India will take their time assessing the situation before lifting the caps, Business Standard has learnt from senior government sources (Read More).
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