"Effective March 13,2017, there will be no limits on cash withdrawals from the Savings Bank accounts", the RBI had said in a notification on February 8.
Speaking on the RBI's decision, RBI Deputy Governor R Gandhi said, "The limits on cash withdrawal from savings bank accounts continue to be in place".
Earlier, cash withdrawal limit at automated teller machines (ATMs) was enhanced to Rs 10,000 per day per saving bank account from Rs 4500 per day on 16 January.
However, private sector lenders, including ICICI bank, HDFC Bank, HSBC and Axis Bank, have informed their customers about the resumption of transaction charges on cash withdrawals after a certain limit to put a restriction on excess withdrawal. RBI has also lifted restrictions on cash withdrawals at ATMs in phases. Banks were also asked to promote digital payments and cashless transactions. The process of reconciliation of the accounts are on.
This is despite finance minister Arun Jaitley insisting multiple times that there has not been any cash crunch after the note ban.
All limits on cash withdrawals from the Saving bank accounts imposed on November 8 after the demonetisation hit the old currency and banned old 500 and 1000 notes. The last data the Reserve Bank of India has released was on February 24, and till then currency in circulation was about Rs 11,64,100 crore."So, this is the quantum of currency which they, as on February 24, made available in the market".
In February the RBI had raised the weekly withdrawal limit per account to Rs.50,000 from Rs.24,000. A fortnight has nearly elapsed since then.
"Every currency note has to be verified - whether it is genuine or fake". It is hard to tell (the figure) now. "Once the RBI completes the exercise, we will inform the House of details", he said.